The New York Fed DSGE Model Forecast—June 2021 -Liberty Street Economics 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.
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?
What Is behind the Global Jump in Personal Saving during the Pandemic? -Liberty Street Economics 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.
Olivier Armantier, Leo Goldman, Gizem Koşar, and Wilbert van der Klaauw
In October, we reported evidence on how households used their first economic impact payments, which they started to receive in mid-April 2020 as part of the CARES Act, and how they expected to use a second stimulus payment. In this post, we exploit new survey data to examine how households used the second round of stimulus checks, issued starting at the end of December 2020 as part of the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, and we investigate how they plan to use the third round authorized in March under the American Rescue Plan Act. We find remarkable stability in how stimulus checks are used over the three rounds, with a slight decline in the share dedicated to consumption and a proportional increase in the share saved. The average share of stimulus payments that households set aside for consumption what economists call the