Cash or Cache? Distributional and business cycle implications of CBDC holding limits

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-04-12 DOI:10.1016/j.intfin.2025.102161

Jana Anjali Magin, Ulrike Neyer, Daniel Stempel

引用次数: 0

Abstract

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.

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现金还是缓存？CBDC持有限制的分布和商业周期影响

许多中央银行正在讨论引入中央银行数字货币（CBDC）。经验证据表明，家庭对CBDC的需求存在差异。本文在一个具有异质家庭部门的新凯恩斯模型中研究了不同CBDC制度的宏观经济和分配效应。家庭更愿意将部分收入存入CBDC，作为一种支付手段，因为它有助于交易。如果他们不能持有CBDC的优先股，他们将面临交易成本。我们发现，引入对CBDC持有的约束性限制可以提高经济体的减震能力。如果把限价作为一种货币政策工具，将更有效地稳定震荡后的物价。然而，CBDC意味着家庭之间的分配效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.