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Digitales Zentralbankgeld als neues Instrument der Geldpolitik

Author

Listed:
  • Andreas Hanl

    (University of Kassel)

  • Jochen Michaelis

    (University of Kassel)

Abstract

Digitalization increasingly replaces the demand for cash and leads to a privatization of payment systems. A recently discussed central bank reaction is central bank digital currency. This article discusses the concept, design options, the implementation into the monetary policy framework, and the macroeconomic consequences of a central bank digital currency.

Suggested Citation

  • Andreas Hanl & Jochen Michaelis, 2019. "Digitales Zentralbankgeld als neues Instrument der Geldpolitik," MAGKS Papers on Economics 201909, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:201909
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    File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/paper_2019/09-2019_hanl.pdf
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    References listed on IDEAS

    as
    1. Itamar Drechsler & Alexi Savov & Philipp Schnabl, 2017. "The Deposits Channel of Monetary Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(4), pages 1819-1876.
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    3. Kumhof, Michael & Noone, Clare, 2018. "Central bank digital currencies - design principles and balance sheet implications," Bank of England working papers 725, Bank of England.
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    5. James Chapman & Carolyn A. Wilkins, 2019. "Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers," Discussion Papers 2019-1, Bank of Canada.
    6. Lola Hernandez & Nicole Jonker & Anneke Kosse, 2017. "Cash versus Debit Card: The Role of Budget Control," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(1), pages 91-112, March.
    7. Charles M. Kahn & Francisco Rivadeneyra & Tsz-Nga Wong, 2018. "Should the Central Bank Issue E-money?," Staff Working Papers 18-58, Bank of Canada.
    8. Andreas Hanl, 2018. "Some Insights into the Development of Cryptocurrencies," MAGKS Papers on Economics 201804, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    9. Barrdear, John & Kumhof, Michael, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England working papers 605, Bank of England.
    10. Walter blocher & Andreas Hanl & Jochen Michaelis, 2017. "Revolutionieren Kryptowährungen die Zahlungssysteme?," MAGKS Papers on Economics 201748, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
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    Cited by:

    1. Andreas Hanl, 2019. "Waehrungswettbewerber Facebook: Oekonomische Implikationen der Corporate Cryptocurrency Libra," MAGKS Papers on Economics 201930, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Jonas Groß & Manuel Klein & Philipp Sandner, 2020. "Digitale Zentralbankwährungen: Chancen, Risiken und Blockchain-Technologie [Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(7), pages 545-549, July.
    3. Luzie Thiel & Jochen Michaelis, 2023. "Digitales Zentralbankgeld: Warum wagt niemand den ersten Schritt?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 92(3), pages 5-8.

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    More about this item

    Keywords

    CBDC; Digitales Zentralbankgeld; Geldpolitik;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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