Chief Economists’ workshop: the macroeconomic policy opportunities and risks associated with Central Bank Digital Currency

Held virtually from 12 - 14 July

About the workshop

The Bank of England's Centre for Central Banking Studies (CCBS) ran the Chief Economists’ Workshop for 2021 on the macroeconomic policy risks and opportunities associated with Central Bank Digital Currency (CBDC). It brought together leading experts in the emerging field of CBDCs from academia, international policy institutions as well senior staff from the global central banking community. Consistent with the CCBS mission the purpose of the workshop was to add our collective stock of knowledge and catalyse further research on this emerging topic. Andrew Bailey gave welcome remarks and was followed by a keynote address from Professor Michael Bordo (Rutgers University). This paper was specifically prepared for the conference and has since been published by the NBER.  It placed CBDC in the historical context of monetary transformations being driven by changes in financial technology, changing tastes and new demands to satisfy the functions of money. The rest of the conference focussed on issues like:

  • The impact of CBDC on the transmission mechanism and its potential to support monetary policy;
  • The impact of CBDC on the banking sector, credit provision and more broadly financial stability;
  • Practical perspectives from those implementing pilot CBDCs;
  • The balance of possible opportunities and risks associated with introducing a CBDC.

The Chief Economists' Workshop is a closed event allowing for frank and open discussion and as such there is no public record or recordings available. But many of our speakers have given permission for their slides and papers to be made accessible to the rest of the world. Those are set below.  All views expressed belong to the authors only and do not represent the views of the Bank of England.

Day one

Opening remarks and keynote address
Speaker: Professor Michael Bordo (Rutgers University) 


CBDC and the Banking Sector
Speakers: Jesus Fernandez-Villaverde (University of Pennsylvania), Tommaso Mancini-Griffoli (International Monetary Fund), Olaf Sleijpen (De Nederlands Bank)

Session 2 - Paper 1 - Jesus Fernandez-Villaverde
Session 2 - Paper 2 - Jesus Fernandez-Villaverde
Session 2 - Slides - Jesus Fernandez-Villaverde
Session 2 - Slides - Tommaso Mancini-Griffoli
Session 2 - Sides - Olaf Sleijpen

CBDC and the Transmission Mechanism 
Speakers: Massimo Ferrari (European Central Bank), Yutaka Soejima (Bank of Japan)

Session 3 - Slides - Massimo Ferrari 
Session 3 - Paper - Massimo Ferrari
Session 3 - Slides - Yutaka Soejima

Day two

CBDC and innovations in monetary policy
Speakers: Mohammad Davoodalhosseini (Bank of Canada), Arunima Sinha (Fordham University), Jack Meaning (Bank of England)
Session 1 - Slides - Mohammad Davoodalhosseini 
Session 1 - Paper - Mohammad Davoodalhosseini 
Session 1 - Slides - Arunima Sinha
Session 1 - Slides - Jack Meaning

CBDC and Financial Stability
Speakers: Ulrich Bindseil (European Central Bank), David Skeie (Warwick Business School), Jeremy Leake (Bank of England)

Session 2 - Slides - Ulrich Bindseil
Session 2 - Paper - David Skeie
Session 2 - Slides - Jeremy Leake

CBDC and Implications for Macroeconomics Efficiency & Welfare
Speakers: Michael Kumhof (Bank of England)

Session 3 - Slides - Michael Kumhof
Session 3 - Paper - Michael Kumhof

Day three

Practitioner’s Guide: Notes from Current CBDCs and/or Pilot Programmes
Speakers: MU Changchun (People's Bank of China), Sung Guan Yun (Bank of Korea), Novelette Panton (Bank of Jamaica) 

Session 1 - Slides - MU Changchun
Session 1 - Slides - Sung Guan Yun
Session 2 - Slides - Novelette Panton

Panel: Synthesis of Opportunities and Risk
Speakers: DG Natalie Haynes (Bank of Jamaica)

Session 2 - Slides - Natalie Haynes

Balance between Public/Private Provisioning 
Speakers: Yu Zhu (Bank of Canada)

Session 3 - Slides - Yu Zhu
Session 3 - Paper - Yu Zhu
This page was last updated 31 January 2023