演講者簡介 : Professor Schneider received his Ph.D. in Economics from Stanford University in 1999. He is currently a Professor of Economics at Stanford University and Research Associate at National Bureau of Economics Research. His research fields are Macroeconomics and Financial Economics.
演講摘要 : This paper studies the welfare effects of introducing a Central Bank Digital Currency (CBDC). Its premise is that CBDC is a new product in the market for liquidity where it competes with both commercial bank deposits and credit lines used for payments. If the central bank offers CBDC but not credit lines, then it interferes with the complementarity between credit lines and deposits built into modern payment systems. As a result, increasing CBDC may reduce welfare even if the central bank can provide deposits more cheaply than commercial banks.
