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New York Fed Releases Report on Policy Actions in Response to the COVID-19 Pandemic

New York Fed Releases Report on Policy Actions in Response to the COVID-19 Pandemic
newyorkfed.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newyorkfed.org Daily Mail and Mail on Sunday newspapers.

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Federal Reserve Independence: Foundations And Responsibilities, Vice Chair Richard H. Clarida, At The Federal Reserve Bank Of Cleveland, Cleveland, Ohio (Via Livestream)

<p><span>The COVID-19 pandemic and the mitigation efforts put in place to contain it delivered the most severe blow to the U.S. and global economies since the Great Depression.</span><a title="footnote 1" href="https://www.federalreserve.gov/newsevents/speech/clarida20211130a.htm#fn1"><span>1</span></a><a name="f1"></a><span>&nbsp;Gross domestic product (GDP) collapsed at a nearly 33 percent annual rate in the second quarter of 2020. More than 22 million jobs were lost in just the first two months of the crisis, and the unemployment rate rose from a 50-year low of 3.5 percent in February to a postwar peak of almost 15 percent in April 2020. A precipitous decline in aggregate demand pummeled the consumer price level. The resulting disruptions to economic activity significantly tightened financial conditions and impaired the flow of credit to U.S. households and businesses.</span></p> ....

United States , Government Printing Office , District Of Columbia , New York , United Kingdom , San Francisco , Freddie Mac , Marco Macchiavelli , Andrew Jackson , Nellie Liang , Mark Carlson , David Jack , Davidf Weiman , Edward Nelson , Eric Rosengren , Chiara Scotti , Warrenb Hrung , James Mcandrews , Paul Willen , Burcu Duygan , Philipp Schnabl , Gustavoa Suarez , Asani Sarkar , Glennd Rudebusch , Patrick Parkinson , Herbertv Prochnow ,

Hey, Economist! What's the Case for Central Bank Digital Currencies? -Liberty Street Economics


Michael Lee and Antoine Martin
Since the launch of Bitcoin and other first-generation cryptocurrencies, there has been extensive experimentation in the digital currency space. So far, however, digital currencies have yet to gain much ground as a means of payment. Is there a vacuum in the landscape of digital money and payments that central banks are naturally positioned to fill? In this post, Michael Lee and Antoine Martin, economists in the New York Fed’s Money and Payment Studies function, answer some questions regarding the concept of central bank digital currencies (CBDCs).
 
Q: There’s a lot of buzz about central bank digital currencies these days. How has the pandemic accelerated these discussions?  ....

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