Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/333545 
Authors: 
Year of Publication: 
2025
Series/Report no.: 
Discussion Papers No. 25-09
Publisher: 
University of Bern, Department of Economics, Bern
Abstract: 
We review the macroeconomic literature on retail central bank digital currency (CBDC), organizing the discussion around a CBDC-irrelevance result. We identify both fundamental and policy-related sources of relevance, or departures from neutrality. Bank disintermediation-the crowding out of deposits-does not, by itself, constitute such a source. We argue that the literature has primarily focused on policy-related sources of non-neutrality, often without making this focus explicit. From a macroeconomic perspective, CBDC is, at its core, a matter of monetary architecture, and political economy considerations are central to understanding CBDC policy design.
Subjects: 
Monetary architecture
central bank digital currency
public money
private money
neutrality
lender of last resort
JEL: 
E42
E51
G21
G28
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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