Correa, Romar <br/><br/>
Central Bank Digital Money 

 -  Economic and Political Weekly  2024 
 - 41-50 
<br/><br/> While the usage and introduction of central bank digital currency is of recent origin, conceptually central bank digital money has always existed in the form of central bank reserves. We develop the modern view of the monetary process originating in the flow of CBDM as credit to the private sector. Money is the wage cost of firms for originating production. Workers spend their incomes on consumption goods. The expenditure accrues as profits to firms that honour their commitments, with interest, to the central bank. The reserve rate is the price of money. We derive the general equilibrium of the model. A firewall is erected between CBDM and CBDC. 
<br/><br/><label>Subjects--Topical Terms: </label><br/> Central Bank<br/> Central Bank Reserves<br/> Price of Money<br/>Digital Money