The actual impact of purchase operations on yields has been found to be less in comparison.2 The issue is rather if it matters how a given stock of purchases is built up, and how this building up interacts over time with the other elements of the monetary policy stance.
And we’re not alone—a recent survey by the Bank for International Settlements covering 66 central banks found that about 80 percent of them are currently engaged in CBDC work and 10 percent are likely to issue a CBDC within three years.6 We have formed a working group with the central banks of England, Japan, the European Union, Sweden and Switzerland, as well as the Bank for International Settlements.