Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272361 
Year of Publication: 
2021
Series/Report no.: 
EconPol Policy Report No. 33
Publisher: 
ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich
Abstract: 
This paper introduces digital assets, crypto assets in general, and Central Bank Digital Currency in particular, into an otherwise standard New-Keynesian closed economy model with Financial Frictions. We use this setting to study the impact of a change in preferences towards the use of digital assets and to address whether the emergence of this type of instruments affect the transmission of monetary policy shocks. In this context we study the introduction of Central Bank Digital Currencies. The model is stylized but it could be a baseline for the design of models for quantitative analysis.
Subjects: 
New Keynesian
Crypto assets
Central Bank Digital Currency
JEL: 
E00
E4
E5
Document Type: 
Research Report

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