国际清算银行-开放经济中的CBDC政策（英）-2023.4-94页_3mb

Summary of CBDC Policies in Open Economies

This paper investigates the introduction of an interest-bearing retail Central Bank Digital Currency (CBDC) in a two-country Dynamic Stochastic General Equilibrium (DSGE) model. The main findings are as follows:

1. Impact of CBDC:

   • CBDC policies, when optimised, yield significant macroeconomic and financial stability gains. A 30% CBDC-to-GDP issuance boosts long-run output by around 5.75% and welfare by 0.57% of steady-state consumption.
   • CBDC stabilises financial variables like credit and reduces exchange rate and cross-border capital flow volatility in open economies.

2. Optimal CBDC Rules:

   • A CBDC interest rate rule with a response to a credit gap outperforms a Taylor rule or a quantity rule in stabilising output and inflation.
   • Automatic stabilisers (even via lump-sum taxes) enhance welfare when combined with CBDC policies, allowing for money-financed fiscal deficits without inflation.

3. Substitutability Between Monies:

   • A high elasticity of substitution (around 25) between CBDC and bank deposits allows households to flexibly adjust holdings, supporting the efficacy of CBDC interest rate rules over quantity rules.

4. Open Economy Effects:

   • CBDC policies reduce exchange rate volatility and mitigate the impact of global financial shocks, demonstrating benign balance sheet reallocations during portfolio shifts.

Overall, CBDC serves as a powerful tool for policymakers to stabilise the economy, improve welfare, and enhance global financial stability.