@misc{hanl2019digitales, abstract = {Digitalization increasingly replaces the demand for cash and leads to a privatization of payment systems. A recently discussed central bank reaction is central bank digital currency. This article discusses the concept, design options, the implementation into the monetary policy framework, and the macroeconomic consequences of a central bank digital currency.}, author = {Hanl, Andreas and Michaelis, Jochen}, howpublished = {MAGKS Discussion Paper Nr. 09-2019}, interhash = {ba4536d9a089cc67266b204626bbb37c}, intrahash = {0f4662a65d9ac18b576f9af832a5d760}, title = {Digitales Zentralbankgeld als neues Instrument der Geldpolitik}, url = {https://www.uni-marburg.de/fb02/makro/forschung/magkspapers/paper_2019/09-2019_hanl.pdf}, year = 2019 }