Event

Past Events

77th CARF Special Seminar : Prof. Andrew Levin

Date & Time

October 3 of 2017 (Tuesday) 17:10-19:00

The venue is changed

Speaker

Prof. Andrew Levin
(Department of Economics, Dartmouth College)

Speech Title

“CENTRAL BANK DIGITAL CURRENCY AND THE FUTURE OF MONETARY POLICY”
 (with Michael D. Bordo)

***〔download〕full paper ***

Summary

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.

Speaker's Profile

Andrew Levin is a professor of economics at Dartmouth College. His research on monetary economics has been highly influential, with a total citation count that ranks among the top 200 economists worldwide. Professor Levin received his Ph.D. in economics from Stanford University. He was a staff member at the Federal Reserve Board for two decades, and he served as a special adviser to Chairman Bernanke and then-Vice Chair Yellen on monetary policy strategy and communications from 2010 to 2012. He subsequently served as an adviser at the International Monetary Fund and then joined the Dartmouth faculty in 2015. Professor Levin is a regular visiting scholar at the Bank of Canada and at the International Monetary Fund, and he currently serves as an external adviser to the Bank of Korea. He has also had extensive interactions with many other central banks: He has been a consultant to the European Central Bank and a visiting scholar at the Bank of Japan and the Dutch National Bank, and he has provided technical assistance to the national banks of Albania, Argentina, Ghana, Macedonia, and Ukraine.