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.
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.902739&sl=1
| Ministère/Organisme | Bank of Canada, issuing body. |
|---|---|
| Titre | Monetary policy pass-through with central bank digital currency / by Janet Jiang and Yu Zhu. |
| Titre de la série | Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-10 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "Last updated: March 9, 2021." Includes bibliographical references (pages 31-33). |
| Information sur la publication | Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 |
| Auteur / Contributeur | Jiang, Janet Hua, author. |
| Description | 1 online resource (ii, 33 pages) : charts. |
| Numéro de catalogue |
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| Descripteurs | Transmission mechanism (Monetary policy) -- Canada. Digital currency -- Canada. Mécanismes de transmission (Politique monétaire) -- Canada. Monnaie électronique -- Canada. |