Central bank digital currency and fiscal policy in a Diamond-Dybvig Model

Jafar El Armali
{"title":"Central bank digital currency and fiscal policy in a Diamond-Dybvig Model","authors":"Jafar El Armali","doi":"10.1016/j.jge.2023.100089","DOIUrl":null,"url":null,"abstract":"<div><p>After introducing digital currency, the central bank emerges as a monopolist bank. It then faces an “impossible trinity”. To achieve price stability and financial stability, optimal consumption allocation is sacrificed. In this paper, I show that fiscal policy designed in coordination with the central bank achieves optimal allocation while maintaining price stability and financial stability.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"12 ","pages":"Article 100089"},"PeriodicalIF":0.0000,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319323000320/pdfft?md5=01c8189c7da574a8fb88ef3f3c157929&pid=1-s2.0-S2667319323000320-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Government and Economics","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2667319323000320","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

Abstract

After introducing digital currency, the central bank emerges as a monopolist bank. It then faces an “impossible trinity”. To achieve price stability and financial stability, optimal consumption allocation is sacrificed. In this paper, I show that fiscal policy designed in coordination with the central bank achieves optimal allocation while maintaining price stability and financial stability.

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Diamond-Dybvig模型下的央行数字货币与财政政策
引入数字货币后,中央银行成为了一家垄断性银行。然后,它将面临“不可能的三位一体”。为了实现物价稳定和金融稳定,牺牲了最优消费配置。在本文中,我证明了与中央银行协调设计的财政政策在保持价格稳定和金融稳定的同时实现了最优配置。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
3.20
自引率
0.00%
发文量
0
期刊最新文献
Does better governance abate the external debt–capital flight revolvement in sub-Saharan Africa? Editorial Board The contributions of foreign aid and natural resource wealth to democratic institutions: Evidence from over 40 years of sub-Sahara Africa's history Editor's note: Market-preserving government, global value chains, trade remedies, center-state transfers, and foreign aid. The nature of market-preserving government
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1