Levy Economics Institute Presents

Central Bank Currencies and the Future of Monetary Policy: Strategic Paths and Distributional Consequences  

This presentation delves into the transformative potential of Central Bank Digital Currencies (CBDCs) for modern monetary systems. It introduces a calibrated Stock-Flow Consistent (SFC) model based on long-term Eurozone data, analyzing the macroeconomic and distributive impacts of various CBDC policy scenarios. The findings shed light on the intricate trade-offs involved in CBDC implementation, particularly their implications for income distribution, financial stability, and economic growth. We will also discuss the divergent strategies adopted by the Federal Reserve and the European Central Bank (ECB) in approaching CBDCs. While the ECB embraces innovation to safeguard its monetary sovereignty, the Federal Reserve maintains a cautious stance, influenced by domestic considerations and political resistance. This dual perspective provides a comprehensive view of the challenges and opportunities posed by CBDCs in reshaping the future of global monetary policy.

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Jacopo Temperini is a researcher at Sapienza University of Rome and holds a European Ph.D. in Socio-Economic and Statistical Studies. He is currently a research fellow in the DEEP project where he explores the interplay between digital technologies and monetary policy. His research focuses on Central Bank Digital Currencies (CBDCs), cryptocurrencies, and the evolving dynamics of monetary policy in the digital age.

For more information, call 845-710-7710, e-mail [email protected],
or visit https://bard.zoom.us/j/84173514721.

Time: 3:00 pm – 4:00 pm EST/GMT-5

Location: Blithewood

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