Niepelt, Dirk (July 2018). Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence (Unpublished) (Discussion paper series DP13065). London: Centre for Economic Policy Research (CEPR)
![[img]](https://boris.unibe.ch/style/images/fileicons/text.png) |
Text
CEPR-DP13065.pdf - Published Version Restricted to registered users only Available under License Publisher holds Copyright. Download (421kB) |
I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for inside money does not affect macroeconomic outcomes. I identify key conditions on bank and government (central bank) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic outcomes. I also relate my analysis to common arguments in the discussion about RFA and point to inconsistencies and open questions.
Item Type: |
Working Paper |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Economics |
UniBE Contributor: |
Niepelt, Dirk |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0265-8003 |
Series: |
Discussion paper series |
Publisher: |
Centre for Economic Policy Research (CEPR) |
Language: |
English |
Submitter: |
Dino Collalti |
Date Deposited: |
07 Oct 2019 11:39 |
Last Modified: |
31 Oct 2023 08:28 |
BORIS DOI: |
10.7892/boris.129924 |
URI: |
https://boris.unibe.ch/id/eprint/129924 |
Actions (login required)
 |
Edit item |