E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination

• Ecosystem Models for a Central Bank Digital Currency: Analysis Framework and Potential Models

  Staff Discussion Paper 2024-13 Youming Liu, Francisco Rivadeneyra, Edona Reshidi, Oleksandr Shcherbakov, André Stenzel

  This note analyzes different economic models of a central bank digital currency (CBDC) ecosystem where the central bank chooses different levels of market involvement and usage of policy levers. The analysis suggests that there are trade-offs between the costs to the central bank and its ability to achieve policy goals like universal access.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Digital currencies and fintech, Financial services JEL Code(s): E, E5, E58, E6, E61, L, L5

• Central Bank Liquidity Policy in Modern Times

  Staff Discussion Paper 2024-6 Skylar Brooks

  Across several dimensions of lender of last resort policy, I highlight broad changes that have occurred since the 2008–09 global financial crisis and discuss some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Financial institutions, Financial markets, Financial stability, Lender of last resort JEL Code(s): D, D5, D53, E, E5, E58, E6, E61, G, G0, G01, G2, G21, G23, H, H1, H12