CBDC and the operational framework of monetary policy

• 成果类型: Article
• 署名作者: Abad, Jorge; Nuno, Galo; Thomas, Carlos
• 署名单位: Banco de Espana
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2025.103762
• 发表日期: 2025
• 关键词: Central bank digital currency; Monetary policy implementation; interbank market; Search and matching frictions; Excess reserves

摘要

We analyze the impact of central bank digital currency (CBDC) on the operational framework of monetary policy and the macroeconomy. We develop a New-Keynesian model with a frictional interbank market, central bank deposit and lending facilities, and household preferences for different liquid assets, calibrated to the euro area. CBDC adoption implies a contraction in bank deposits, which is absorbed by a fall in reserves and, if large enough, increased recourse to central bank credit. The resulting changes in the operational framework (from 'floor' to 'corridor', and then to 'ceiling') thus shape the impact of CBDC on credit, investment and output.