considers the implications of dollarization for the practical application and instruments of monetary policy, and examines the manner in which dollarization has influenced the design of IMF programs.

New York Federal Reserve President John Williams said on Friday the U.S. central bank's monetary policy is in the right place ...

These expected benefits, however, might be small or are unlikely to be realized in practice. One benefit of a CBDC could be to allow monetary policy to break below the effective lower bound (ELB).