.... in se malo necesa, kar danes morda se zgleda kot eksotika...

BoE Staff Working Paper No. 605: The macroeconomics of central bank issued digital currencies - John Barrdear and Michael Kumhof

We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange.

In a DSGE model calibrated to match the pre-crisis United States, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by as much as 3%, due to reductions in real interest rates, distortionary taxes, and monetary transaction costs.

Countercyclical CBDC price or quantity rules, as a second monetary policy instrument, could substantially improve the central bank’s ability to stabilise the business cycle.

www.bankofengland.co...wp605.aspx