Exchange rate regimes

• Revisiting the Monetary Sovereignty Rationale for CBDCs

  Staff Discussion Paper 2021-17 Skylar Brooks

  One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Debt management, Digital currencies and fintech, Exchange rate regimes, Financial stability, Monetary policy JEL Code(s): E, E4, E41, E42, E5, E52, E58, H, H1, H12, H6, H63
• October 7, 2021

  The long and short of it: A balanced vision for the international monetary and financial system

  Remarks (delivered virtually) Tiff Macklem Council on Foreign Relations Washington, D.C.

  Governor Tiff Macklem advocates for global coordination to strengthen the international monetary and financial system.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Development economics, Exchange rate regimes, Financial system regulation and policies, Foreign reserves management, International financial markets, International topics, Trade integration
• October 7, 2021

  Investing in global progress

  Speech summary Tiff Macklem Council on Foreign Relations Washington, D.C.

  Governor Tiff Macklem makes the case for greater cooperation to shape a stronger international monetary and financial system.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Development economics, Exchange rate regimes, Financial system regulation and policies, Foreign reserves management, International financial markets, International topics, Trade integration

• Fiscal Spillovers: The Case of US Corporate and Personal Income Taxes

  Staff Working Paper 2021-41 Madeline Hanson, Daniela Hauser, Romanos Priftis

  How do changes to personal and corporate income tax rates in the United States affect its trading partners? Spillover effects from cuts in the two taxes differ. They are generally small and negative for corporate taxes, but sizable and positive for personal income taxes.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Exchange rate regimes, Fiscal policy, International topics JEL Code(s): E, E3, E32, E6, E62, F, F4, F44, H, H2, H20