Monetary policy pass-through with central bank digital currency / by Janet Jiang and Yu Zhu.: FB3-5/2021-10E-PDF
"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.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.902739&sl=0
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| Title | Monetary policy pass-through with central bank digital currency / by Janet Jiang and Yu Zhu. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | 1 online resource (ii, 33 pages) : charts. |
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