CEPR-ECB Conference on the macroeconomic implications of central bank digital currencies

The Research and Policy Network on FinTech and Digital Currencies (RPN) of the Centre for Economic Policy Research (CEPR) and the European Central Bank (ECB) are inviting submissions for their joint conference on the macroeconomic implications of central bank digital currencies (CBDCs), which will take place on 23-24 November at the ECB in Frankfurt am Main.

Central banks around the world are exploring the idea of introducing CBDCs, digital central bank money for wholesale and/or retail use. The emergence of crypto-currencies and the Covid-19 pandemic have accelerated these efforts. At the same time, the literature on CBDCs is developing fast, covering design considerations, economic, financial and monetary policy implications as well as legal and regulatory issues (including their international dimension).

The conference aims to advance our understanding of the potential benefits and costs of CBDCs from a macroeconomic and policy perspective. It will bring together academics, industry experts and policy makers to discuss theoretical and practical aspects of CBDCs. The program will consist of research papers and panels and include a keynote address by Fabio Panetta, Member of the Executive Board of the ECB.

Topics

The conference’s focus will be on the effects of CBDCs on the financial system as well as monetary policy transmission and implementation, both from closed and open economy perspectives. Topics of interest include, but are not confined to, the following aspects of CBDCs:

• Motivations for their introduction
• Macroeconomic effects and international finance implications
• Their potential role in the global financial system
• Impact on the banking system and financial stability
• Impact on financial services and financial inclusion
• Privacy related trade-offs
• Potential demand estimates
• Distribution and issuance
• Implications for central bank balance sheets
• Interlinkages with other means of payments

Papers should be submitted in portable document format (PDF) by 26 July 2023 via the Joint CEPR - ECB Conference: The Macroeconomic Implications of Central Bank Digital Currencies | HUB @ CEPR by following the below steps:

1. Authors who do not already have a CEPR HUB profile can upload their submission by creating a new profile: https://hub.cepr.org/user/register
2. After you have logged in, go to the following submission page: https://hub.cepr.org/event/3957
3. Click on "Step 1: Apply"
4. Under "Apply to Attend" click "Yes"
5. Tick the boxes that apply to you
6. Tick "Would you like to submit a paper?", upload your paper and supply the requested information
7. Click "Submit form" to make the submission

We plan to notify authors of accepted papers by mid-September 2023. Submitting authors should indicate whether they would be willing to act as discussant. The organisers encourage presenters and discussants to attend in person. Academic speakers and discussants will be reimbursed for travel and accommodation costs incurred.

Conference organisers

• Toni Ahnert, ECB and CEPR
• Katrin Assenmacher, ECB and RPN Member
• Massimo Ferrari Minesso, ECB
• Peter Hoffmann, ECB
• Arnaud Mehl, ECB and CEPR
• Dirk Niepelt, University of Berne, CEPR and RPN Leader