Dokument: Cash or Cache? Distributional and business cycle implications of CBDC holding limits
| Titel: | Cash or Cache? Distributional and business cycle implications of CBDC holding limits | |||||||
| URL für Lesezeichen: | https://docserv.uni-duesseldorf.de/servlets/DocumentServlet?id=72666 | |||||||
| URN (NBN): | urn:nbn:de:hbz:061-20260323-114352-3 | |||||||
| Kollektion: | Publikationen | |||||||
| Sprache: | Englisch | |||||||
| Dokumententyp: | Wissenschaftliche Texte » Artikel, Aufsatz | |||||||
| Medientyp: | Text | |||||||
| Autoren: | Magin, Jana Anjali [Autor] Neyer, Ulrike [Autor] Stempel, Daniel [Autor] | |||||||
| Dateien: |
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| Stichwörter: | Monetary policy , Central bank digital currency , Central banks , Household heterogeneity , New Keynesian model | |||||||
| Beschreibung: | 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. | |||||||
| Rechtliche Vermerke: | Originalveröffentlichung:
Magin, J. A., Neyer, U., & Stempel, D. (2025). Cash or Cache? Distributional and business cycle implications of CBDC holding limits. Journal of International Financial Markets, Institutions & Money, 101, Article 102161. https://doi.org/10.1016/j.intfin.2025.102161 | |||||||
| Lizenz: |  Dieses Werk ist lizenziert unter einer Creative Commons Namensnennung 4.0 International Lizenz | |||||||
| Fachbereich / Einrichtung: | Wirtschaftswissenschaftliche Fakultät | |||||||
| Dokument erstellt am: | 23.03.2026 | |||||||
| Dateien geändert am: | 23.03.2026 |
