The Optimal Quantity of CBDC in a Bank-Based Economy
研究发现数字欧元新闻对银行股价和贷款的影响取决于银行对存款的依赖程度及央行数字货币的设计，通过DSGE模型测算出最优发行量为季度GDP的15%至45%。
We show that the estimated effect of digital euro news on bank stock valuations and lending depends on the bank’s deposit reliance and the central bank digital currency (CBDC) design features. Using a quantitative DSGE model calibrated to the euro area economy that replicates such evidence, we find that CBDC issuance yields nontrivial welfare trade-offs between, on one side, the positive expansion of liquidity services and the improved stabilization of deposit funding and lending and, on the other side, a negative bank disintermediation effect. The optimal amount of CBDC lies between 15 and 45 percent of quarterly GDP.