Design of a rule based monetary policy in a Central Bank Digital Currency System
DOI:
https://doi.org/10.29015/cerem.928Słowa kluczowe:
Design, CBDC, Rule-based, Monetary policy, Inflation correction, Domestic product proxyAbstrakt
Aim: This paper presupposes a purely Central Bank Digital Currency (CBDC) based system. Its aim is to describe how such a system facilitates complete new possibilities to design a suitable monetary policy. More specifically, the purpose is to show that the available monetary tools can be used to design a rule-based monetary policy that guarantees stability of purchasing power and interest rates.
Research methods: The paper is design oriented. It describes how the monetary system could function The important monetary variables are defined and their relationship is described. To illustrate these variables and their relationship, simulation results of their behavior are added.
Conclusions: It is shown that it is indeed possible to design a monetary policy that is rule based and guarantees stability of purchasing power and interest rates. Crucial elements in the design are linking the balances of the CBDC-accounts to a proxy of the domestic product and replacing the use of government bonds by allowing the government to borrow from the Central Bank and giving households and businesses the opportunity to open a savings account at the Central Bank.
Originality: The approach is completely new. It is the result of rethinking the possibilities of a complete transition of bank money to CBDC.
Implications: The paper shows that a more absolute transition to the use of CBDC makes it possible to establish a clearer and more stable monetary practice, and that it is necessary therefore to revise monetary theory.
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Autor przenosi nieodpłatnie na Wyższą Szkołę Bankową we Wrocławiu , bez ograniczeń terytorialnych, majątkowe prawa autorskie do tego utworu w rozumieniu ustawy z dnia 4 lutego 1994 roku o prawie autorskim i prawach pokrewnych ( Dz.U. 1994, Nr 24, poz. 83 ze zm. )na zasadzie wyłączności, tj. prawo do:
a) wyłącznego używania i wykorzystania utworu w dowolnej działalności przez Wyższą Szkołę Bankową we Wrocławiu, w szczególności w działalność Biblioteki Cyfrowej uruchomionej przez Wyższą Szkołę Bankową we Wrocławiu
b) wytwarzania, utrwalania i zwielokrotniania egzemplarzy utworów wszelkimi technikami, w tym techniką drukarską, reprograficzną, zapisu magnetycznego oraz techniką cyfrową, w szczególności ich zwielokrotniania poprzez dokonywanie zapisów na płytach typu CD,
c) zamieszczenia wybranych fragmentów utworu w celach promocyjnych w publikacjach, materiałach promocyjnych, w sieci Internet oraz sieciach wewnętrznych typu Intranet Wyższej Szkoły Bankowej we Wrocławiu,
d) wprowadzania utworu do pamięci komputera Wyższej Szkoły Bankowej we Wrocławiu,
e) kopiowania i powielania utworu w technologiach fotomechanicznych lub innych znanych w dniu zawarcia umowy (fotokopie, kserokopie itp.),
f) przetworzenia dzieła na formę elektroniczną i nieograniczonego rozpowszechniania w sieci Internet.
