Papers
Papers
Research and papers
Introductory Project Brief & Overview. Produced December 3, 2018. This paper was drafted at the inception of the Central Bank of the Future project as a brief memo and overview of ideas intended to provide the background supporting the project’s intent and importance.
Working Paper #1. The Central Bank of the Future. Released July 8, 2019. The goal of this paper is to provide an early research note, beginning to build a foundation for a series of forthcoming Central Bank of the Future (CBOTF) papers, so that readers embark on this journey with a basic understanding of the evolution of Central Bank involvement in financial inclusion. This paper acknowledges several contributions to the research on Central Bank involvement in financial inclusion but is not intended to be an exhaustive review of current work. Rather, this paper seeks to provide research summaries and a few case studies to provide a high-level overview of the nexus between Central Banks and financial inclusion.
Working Paper #2. The Central Bank of the Future. Released November 1, 2019. This paper distills the discussion of a private roundtable held at the University of Michigan's Gerald R. Ford School of Public Policy in June 2019. The goal of the roundtable was to consider new ideas that could better facilitate Central Bank innovation to support financial inclusion. Attendees participated in the conversation under Chatham House Rules; therefore, all ideas are listed without attribution.
Working Paper #3. Building the Payment System of the Future. Michael S. Barr, Adrienne A. Harris, Lev Menand, and Wenqi (Michael) Xu. Released July 31, 2020. This paper explores how central banks can design more inclusive payment systems. Payment systems are critical infrastructure that generate positive network externalities. The more people who use them, the better off everyone using them is. They allow households, businesses, governments, and nonprofits to clear and settle transactions. Consumers use payment systems when they swipe their credit or debit cards; homeowners use them when they write checks; and businesses use them when they wire money. Also available at SSRN: https://ssrn.com/abstract=3664790(link is external).
Working Paper #4. 2019 Conference Summary. Released March 20, 2020. This paper describes the proceedings of the 2019 Central Bank of the Future conference held at the University of Michigan on October 2-3, 2019. The summary also includes links to watch full videos of conference proceedings.
Working Paper #5. Central Banks as Utilities? Released January 29, 2021. This paper distills the discussion of a private roundtable held at the University of Michigan's Gerald R. Ford School of Public Policy in June 2020. The goal of the roundtable was to explore whether central banks could provide services in the following areas: real time payments, account provisioning for individuals, data collection or regulation, and identification systems. Attendees participated in the conversation under Chatham House Rules; therefore, all ideas are listed without attribution.
Working Paper #6. Central Banks, Climate Change, and Financial Inclusion. Released April 28, 2021. This paper distills the discussion of a private roundtable held in March 2021. The goal of the roundtable was to understand what central banks are doing to make their countries more resilient to the effects of climate change, how the effects of climate change impact the poor, and what central banks have learned about climate change and financial inclusion in the wake of the COVID-19 crisis. Attendees participated in the conversation under Chatham House Rules; therefore, all ideas are listed without attribution.
Working Paper #7. Should Central Banks use Distributed Ledger Technology and Digital Currencies to Advance Financial Inclusion? Michael S. Barr, Adrienne A. Harris, Lev Menand, and Karin Thrasher. Released May 17, 2021. This paper examines how central banks might use distributed ledger technology ("DLT") to improve access to safe and affordable financial products and services. We consider how central banks might use DLT to advance objectives such as Anti-Money Laundering ("AML") compliance and discuss both central bank digital currencies ("CBDC") and private digital currencies, and considers implementation challenges.