2023-11-13-美联储-CBDC对美联储资产负债表的影响_38页_683kb

Analysis Summary

This paper examines the central bank digital currency (CBDC) impact on the Federal Reserve’s financial balances and monetary policy implementation. Below is the key information extracted from the report:

Background

• CBDC is defined as a central bank liability held by the public for retail transactions, distinct from physical cash and unremunerated, typically domestic.
• The analysis aims to understand the effects of broad CBDC adoption on financial systems and policymakers' options, accepting openness in quantitative predictions.

Model

• A static framework models three agents: the central bank, banking sector, and non-banking sector.
• Money (cash, bank deposits, CBDC) interactions shape the central bank's balance sheet through substitution and reserve management.

Key Findings

• CBDC may reduce the amount of reserve assets based on substitution from other balances.
• Without management purchases, balance sheet variability increases; with purchases, the size may expand to maintain effective interest rates.
• Moderate CBDC adoption (low demand) projects small changes in reserves, but high adoption (high demand) could pose significant upward pressure on wholesale funding rates.
• Balance sheet management is crucial for banks and policymakers to mitigate risks such as deposit outflow, disintermediation, and potential exit from target interest rates.

Conclusions

• CBDC could alter the financial architecture, increasing the size and complexity of Fed balance sheets.
• The study highlights the importance of proactive balance sheet management by the Federal Reserve to ensure appropriate monetary policy implementation.

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