{"id":"https://openalex.org/W7162655815","doi":"https://doi.org/10.5281/zenodo.20422159","title":"Programmable Re-Coupling: Monetary Policy Transmission and the Design of Central Bank Digital Currency","display_name":"Programmable Re-Coupling: Monetary Policy Transmission and the Design of Central Bank Digital Currency","publication_year":2026,"publication_date":"2026-05-27","ids":{"openalex":"https://openalex.org/W7162655815","doi":"https://doi.org/10.5281/zenodo.20422159"},"language":"en","primary_location":{"id":"pmh:doi:10.5281/zenodo.20422159","doi":null,"is_oa":true,"landing_page_url":"https://ssrn.com/abstract=6817519","pdf_url":null,"source":null,"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working paper"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://ssrn.com/abstract=6817519","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5136283554","display_name":"Vikas Kumar","orcid":"https://orcid.org/0009-0005-1931-926X","observed_orcids":["https://orcid.org/0009-0005-1931-926X"]},"institutions":[{"id":"https://openalex.org/I4210153737","display_name":"Uttar Pradesh Rajarshi Tandon Open University","ror":"https://ror.org/01ta8y947","country_code":"IN","type":"education","lineage":["https://openalex.org/I4210153737"]}],"countries":["IN"],"is_corresponding":true,"raw_author_name":"Kumar, Vikas","raw_affiliation_strings":["Uttar Pradesh Rajarshi Tandon Open University"],"raw_orcid":"https://orcid.org/0009-0005-1931-926X","affiliations":[{"raw_affiliation_string":"Uttar Pradesh Rajarshi Tandon Open University","institution_ids":["https://openalex.org/I4210153737"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5136283554"],"corresponding_institution_ids":["https://openalex.org/I4210153737"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.7163000106811523,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.7163000106811523,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.1460999995470047,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.04149999842047691,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/central-bank-digital-currency","display_name":"central bank digital currency","score":0.9810000061988831},{"id":"https://openalex.org/keywords/monetary-policy-transmission","display_name":"monetary policy transmission","score":0.9940000176429749},{"id":"https://openalex.org/keywords/programmable-money","display_name":"programmable money","score":0.574999988079071},{"id":"https://openalex.org/keywords/coupling-coefficient","display_name":"coupling coefficient","score":0.8600000143051147},{"id":"https://openalex.org/keywords/pain-of-paying","display_name":"pain of paying","score":0.6949999928474426},{"id":"https://openalex.org/keywords/cognitive-friction","display_name":"cognitive friction","score":0.7480000257492065},{"id":"https://openalex.org/keywords/unified-payments-interface","display_name":"Unified Payments Interface","score":0.7850000262260437},{"id":"https://openalex.org/keywords/cashless-payments","display_name":"cashless payments","score":0.7910000085830688},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.6840000152587891},{"id":"https://openalex.org/keywords/bank-disintermediation","display_name":"bank disintermediation","score":0.9670000076293945},{"id":"https://openalex.org/keywords/welfare-transfers","display_name":"welfare transfers","score":0.4690000116825104},{"id":"https://openalex.org/keywords/cbdc-design","display_name":"CBDC design","score":0.6190000176429749},{"id":"https://openalex.org/keywords/india","display_name":"India","score":0.39500001072883606}],"concepts":[{"id":"https://openalex.org/C48220719","wikidata":"https://www.wikidata.org/wiki/Q10836209","display_name":"Digital currency","level":3,"score":0.7026000022888184},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.5572999715805054},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5268999934196472},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.5200999975204468},{"id":"https://openalex.org/C145097563","wikidata":"https://www.wikidata.org/wiki/Q1148747","display_name":"Payment","level":2,"score":0.5163999795913696},{"id":"https://openalex.org/C13309458","wikidata":"https://www.wikidata.org/wiki/Q593105","display_name":"Monetary base","level":3,"score":0.4503999948501587},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.4408999979496002},{"id":"https://openalex.org/C2778012447","wikidata":"https://www.wikidata.org/wiki/Q1034415","display_name":"Scope (computer science)","level":2,"score":0.4377000033855438},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3553999960422516},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.35339999198913574},{"id":"https://openalex.org/C540431452","wikidata":"https://www.wikidata.org/wiki/Q16319025","display_name":"FinTech","level":3,"score":0.34139999747276306},{"id":"https://openalex.org/C761482","wikidata":"https://www.wikidata.org/wiki/Q118093","display_name":"Transmission (telecommunications)","level":2,"score":0.3328000009059906},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3328000009059906},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.3273000121116638},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.3059000074863434},{"id":"https://openalex.org/C2777303138","wikidata":"https://www.wikidata.org/wiki/Q13499","display_name":"Debit card","level":4,"score":0.30410000681877136},{"id":"https://openalex.org/C127162648","wikidata":"https://www.wikidata.org/wiki/Q16858953","display_name":"Channel (broadcasting)","level":2,"score":0.2863999903202057},{"id":"https://openalex.org/C2780576858","wikidata":"https://www.wikidata.org/wiki/Q3359379","display_name":"Bank reserves","level":5,"score":0.2750000059604645},{"id":"https://openalex.org/C29185160","wikidata":"https://www.wikidata.org/wiki/Q874727","display_name":"Quantitative easing","level":4,"score":0.2572000026702881},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.25529998540878296},{"id":"https://openalex.org/C122941539","wikidata":"https://www.wikidata.org/wiki/Q10836209","display_name":"Electronic money","level":3,"score":0.2551000118255615},{"id":"https://openalex.org/C202655504","wikidata":"https://www.wikidata.org/wiki/Q16556980","display_name":"Forward guidance","level":5,"score":0.25279998779296875}],"mesh":[],"locations_count":4,"locations":[{"id":"pmh:doi:10.5281/zenodo.20422159","doi":null,"is_oa":true,"landing_page_url":"https://ssrn.com/abstract=6817519","pdf_url":null,"source":null,"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working paper"},{"id":"pmh:oai:zenodo.org:20422160","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/6817519.pdf?abstractid=6817519&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/workingPaper"},{"id":"doi:10.5281/zenodo.20422159","doi":"https://doi.org/10.5281/zenodo.20422159","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.20422159","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},{"id":"doi:10.5281/zenodo.20422160","doi":"https://doi.org/10.5281/zenodo.20422160","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.20422160","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"pmh:doi:10.5281/zenodo.20422159","doi":null,"is_oa":true,"landing_page_url":"https://ssrn.com/abstract=6817519","pdf_url":null,"source":null,"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working paper"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7220972981","https://openalex.org/W7202298123","https://openalex.org/W7151417980","https://openalex.org/W7218801180","https://openalex.org/W6890417650","https://openalex.org/W7161413675","https://openalex.org/W7221247181","https://openalex.org/W7221774200","https://openalex.org/W7214435624","https://openalex.org/W7131389411"],"abstract_inverted_index":{"The":[0,158],"transition":[1],"from":[2],"physical":[3,74],"cash":[4,75],"to":[5,18,116,191],"digital":[6,52],"payments":[7],"has":[8],"weakened":[9],"the":[10,28,37,68,99,106,128,135,148,164],"behavioural":[11],"channel":[12],"through":[13,27,178],"which":[14],"monetary":[15,155],"policy":[16,42,156,198],"transmits":[17],"household":[19,207],"spending":[20],"decisions.":[21],"This":[22],"paper":[23],"formalises":[24],"this":[25],"degradation":[26],"Coupling":[29],"Coefficient":[30],"(\u03a6":[31],"\u2208":[32],"[0,1]),":[33],"a":[34,153,161],"parameter":[35],"measuring":[36],"alignment":[38],"between":[39],"central":[40],"bank":[41,179],"intent":[43],"and":[44,90,96,132,200],"realised":[45],"household-level":[46],"response.":[47],"I":[48,104,146,181],"show":[49],"that":[50,151,166,174,187],"standard":[51],"payment":[53],"systems":[54],"(exemplified":[55],"by":[56],"India's":[57,124],"Unified":[58],"Payments":[59],"Interface)":[60],"operate":[61],"at":[62],"low":[63],"\u03a6":[64],"because":[65],"they":[66],"eliminate":[67],"cognitive":[69,92],"friction-the":[70],"\"pain":[71],"of":[72,102],"paying\"-that":[73],"provided":[76],"automatically.":[77],"A":[78],"Central":[79],"Bank":[80,136],"Digital":[81],"Currency":[82],"(CBDC)":[83],"with":[84],"activated":[85],"programmability":[86],"features":[87,165],"(remuneration,":[88,169],"purpose-binding,":[89],"calibrated":[91],"friction)":[93],"can":[94],"restore":[95],"potentially":[97],"exceed":[98],"coupling":[100],"efficiency":[101],"cash.":[103],"derive":[105,201],"Programmable":[107],"Re-Coupling":[108],"Hypothesis:":[109],"\u03a6CBDC":[110],">":[111,113],"\u03a6cash":[112],"\u03a6UPI,":[114],"subject":[115],"scope":[117],"conditions":[118],"in":[119],"welfare":[120],"transfer":[121],"contexts.":[122],"Using":[123],"e-Rupee":[125],"pilot":[126],"as":[127],"primary":[129],"case":[130],"study,":[131],"drawing":[133],"on":[134],"for":[137,143,206],"International":[138],"Settlements'":[139],"CBDC":[140,189,211],"research":[141],"framework":[142],"cross-jurisdictional":[144],"context,":[145],"analyse":[147],"design":[149,185],"parameters":[150],"determine":[152],"CBDC's":[154],"impact.":[157],"analysis":[159],"identifies":[160],"structural":[162],"tension:":[163],"strengthen":[167],"transmission":[168],"programmability)":[170],"are":[171],"precisely":[172],"those":[173],"threaten":[175],"financial":[176,193],"stability":[177,194],"disintermediation.":[180],"propose":[182],"an":[183],"optimal":[184],"space":[186],"calibrates":[188],"adoption":[190],"maintain":[192],"while":[195],"enabling":[196],"targeted":[197],"transmission,":[199],"three":[202],"testable":[203],"empirical":[204],"propositions":[205],"behaviour":[208],"under":[209],"programmable":[210],"regimes.":[212]},"counts_by_year":[],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2026-05-29T00:00:00"}
