Broadening Narrow Money
The paper considers monetary policy around CBDCs.
… we consider a CBDC that is universally accessible, interest bearing, and freely convertible to other forms of central bank money and to commercial bank deposits.
One conclusion the paper draws is that policy interest rates would be felt in the real economy quicker because users directly interact with the central bank.
The paper also considers the well voiced issue about disintermediation. Also under a direct relationship the document considers that QE would be weakened.
“More practical design choices relate to the technology used to power a CBDC, in particular whether a CBDC should use distributed ledger technology … the technology is still considered to be too immature to power a critical national payment system”