Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/247256 
Autor:innen: 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Working Paper No. 20.05
Verlag: 
Swiss National Bank, Study Center Gerzensee, Gerzensee
Zusammenfassung: 
We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with "pseudo wedges" and derive optimal policy rules: Spreads satisfy modified Friedman rules and deposits must be taxed or subsidized. We generalize the Brunnermeier and Niepelt (2019) result on the macro irrelevance of CBDC but show that a deposit based payment system requires higher taxes. The model implies annual implicit subsidies to U.S. banks of up to 0.8 percent of GDP during the period 1999-2017.
Schlagwörter: 
Reserves
deposits
central bank digital currency
monetary policy
Friedman rule
equivalence
Ramsey policy
bank profits
money creation
JEL: 
E42
E43
E51
E52
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
775.5 kB





Publikationen in EconStor sind urheberrechtlich geschützt.