Michael D. Bordo (Rutgers University) – Central Bank Digital Currency and the Future of Monetary Policy?

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We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we find that CBDC can serve as a practically costless medium of exchange, secure store of value, and stable unit of account. To achieve these criteria, CBDC would be account-based and interest-bearing, and the monetary policy framework would foster true price stability.


Friday, November 10, 2017, 11:00 a. m.

Oesterreichische Nationalbank
Otto-Wagner-Platz 3
1090 Wien

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