| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25455 |
| 来源ID | Working Paper 25455 |
| Digital Cash: Principles & Practical Steps | |
| Michael D. Bordo; Andrew T. Levin | |
| 发表日期 | 2019-01-21 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | If the global economy encounters another severe adverse shock in coming years, will major central banks be able to provide sufficient monetary stimulus to preserve price stability and foster economic recovery? Our empirical analysis indicates that the Federal Reserve’s QE3 program was not an effective form of monetary stimulus and that unconventional monetary policies undertaken in the Eurozone and in Japan have been similarly limited in impact. We then consider how digital cash could bolster the effectiveness of monetary policy, and we characterize some potential steps for implementing digital cash via public-private partnerships between the central bank and supervised financial institutions. Our analysis indicates that digital cash could significantly enhance the stability of the financial system. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w25455 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583129 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Andrew T. Levin. Digital Cash: Principles & Practical Steps. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25455.pdf（1426KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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