000	00000nam 2200000zi 4500
001	9.902739
003	CaOODSP
005	20221107180039
006	m     o  d f
007	cr |n|||||||||
008	210820t20212021oncd    ob   f|0| 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
043	|an-cn---
086	1 |aFB3-5/2021-10E-PDF
100	1 |aJiang, Janet Hua, |eauthor.
245	10|aMonetary policy pass-through with central bank digital currency / |cby Janet Jiang and Yu Zhu.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021.
264	4|c©2021
300	|a1 online resource (ii, 33 pages) : |bcharts.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-10
500	|a"Last updated: March 9, 2021."
504	|aIncludes bibliographical references (pages 31-33).
520	|a"This paper investigates how the introduction of an interest-bearing central bank digital currency (CBDC) that serves as a perfect substitute for bank deposits as an electronic means of payment affects monetary policy pass-through. When the deposit market is not fully competitive, the CBDC tends to weaken the pass-through of the interest on reserves. The interest on CBDC impacts the deposit market more directly compared with the interest onreserves. The CBDC rate can also have stronger pass-through to the loan market; however, the effect can be dampened by the policy on the interest on reserves. Therefore, coordination between the two policy rates is needed to effectively achieve policy goals"--Abstract, page ii.
650	0|aTransmission mechanism (Monetary policy)|zCanada.
650	0|aDigital currency|zCanada.
650	6|aMécanismes de transmission (Politique monétaire)|zCanada.
650	6|aMonnaie électronique|zCanada.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2021-10.|w(CaOODSP)9.806221
856	40|qPDF|s555 KB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-10-eng.pdf