{"title":"Diamond-Dybvig模型下的央行数字货币与财政政策","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":"{\"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}","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}
Central bank digital currency and fiscal policy in a Diamond-Dybvig Model
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.
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