Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design

• 成果类型: Article
• 署名作者: Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza
• 署名单位: Bank of Canada
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.02763
• 发表日期: 2023
• 页码: 6708-6730
• 关键词: Central bank digital currency; banking; eneral equilibrium; payments

摘要

Many central banks are considering issuing a central bank digital currency (CBDC). How will the CBDC affect the macroeconomy? Will its design matter? To answer these questions, we theoretically and quantitatively assess the effects of a CBDC on consumption, banking, and welfare. Our model captures the competition between different means of payments and incorporates a novel general equilibrium feedback effect from transactions to deposits creation. The general equilibrium effects of a CBDC are decomposed into three channels: payment efficiency, price effects, and bank funding costs. We show that a cash-like CBDC is more effective than a deposit-like CBDC in promoting consumption and welfare. Interestingly, a cash-like CBDC can also crowd in banking, even in the absence of bank market power. In a calibrated model, at the maximum, a cash-like CBDC can increase bank intermediation by 10.2% and welfare by 0.059%, and it can capture up to 23.3% of the payment market. We also discuss some lessons for designing a CBDC.