Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
构建支付系统的一般均衡模型，研究央行数字货币对私人银行中介的影响。校准美国数据发现，CBDC可提升存款利率、扩大银行中介和产出，且效果在考虑银行内生进入后仍稳健。
This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks. If banks have market power in the deposit market, a CBDC can enhance competition, raising the deposit rate, expanding intermediation, and increasing output. A calibration to the US economy suggests that a CBDC can raise bank lending by 1.57% and output by 0.19%. These crowding-in effects remain robust, albeit with smaller magnitudes, after taking into account endogenous bank entry. We also assess the role of a non-interest-bearing CBDC as the use of cash declines.