Cash or Cache? Distributional and business cycle implications of CBDC holding limits
在一个包含异质性家庭部门的新凯恩斯模型中，研究了央行数字货币（CBDC）持有限额对宏观经济和分配的影响，发现限额能增强经济吸收冲击的能力，但会带来分配效应。
Many central banks are discussing the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households differ in their demand for a CBDC. This paper investigates the macroeconomic and distributional effects of different CBDC regimes within a New Keynesian model with a heterogeneous household sector. Households prefer to hold part of their income in CBDC as a means of payment as it facilitates transactions. If they cannot hold their preferred share of CBDC, they will face transaction costs. We find that the introduction of a binding limit on CBDC holdings can increase the shock absorption capabilities of an economy. If the limit is used as a monetary policy instrument, prices will be stabilized more effectively after shocks. However, a CBDC implies distributional effects across households.