Central Bank Digital Currency: Welfare and Policy Implications
构建了多种支付手段的模型，分析引入央行数字货币的三种有益效果：减少实物货币犯罪、对央行负债付息、节约稀缺安全抵押品，并探讨其对货币政策工具和央行资产负债表的影响。
A model of multiple means of payment is constructed to analyze the effects of the introduction of central bank digital currency (CBDC). The introduction of CBDC has three beneficial effects. It mitigates crime associated with physical currency, permits the payment of interest on a key central bank liability, and economizes on scarce safe collateral. CBDC admits another instrument of monetary policy, but may require that the central bank take on private assets in its portfolio if CBDC significantly displaces privately supplied means of payment.