中央银行数字货币的简单模型

NBER WORKING PAPER SERIESA SIMPLE MODEL OF A CENTRAL BANK DIGITAL CURRENCYBineet MishraEswar S. PrasadWorking Paper 31198http://www.nber.org/papers/w31198NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138April 2023We thank the editor, Stijn Claessens, and two anonymous referees for constructive comments that helped improve both the substance and exposition of the paper. We are also grateful for comments provided by Levon Barseghyan, Giulia Brancaccio, Wentong Chen, Kristoffer Nimark, Mathieu Taschereau-Dumouchel, and seminar participants at Cornell University and the Brookings Institution. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.© 2023 by Bineet Mishra and Eswar S. Prasad. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.A Simple Model of a Central Bank Digital CurrencyBineet Mishra and Eswar S. PrasadNBER Working Paper No. 31198April 2023JEL No. E4,E5,E61ABSTRACTWe develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially, nominal rates of return. We establish conditions under which cash and CBDC can co-exist and show how government policies can influence relative holdings of cash, CBDC, and other assets. We illustrate how a CBDC can facilitate negative nominal interest rates and helicopter drops, and also how a CBDC can be structured to prevent capital flight from other assets.Bineet MishraDepartment of Economics, Uris HallCornell UniversityIthaca, NY 14853bm596@cornell.eduEswar S. PrasadDyson School of Applied Economics andManagementCornell University301A Warren HallIthaca, NY 14853and NBEReswar.prasad@cornell.edu1.IntroductionMany central banks around the world are considering or already experimenting withthe issuance of retail central bank digital currencies (CBDCs), digital versions of their fiatcurrencies. The Bahamas, the Eastern Caribbean Currency Union, and Nigeria have alreadyintroduced CBDCs. CBDC experiments and pilots are underway in many other economiesincluding China, India, Japan, and Sweden.1 This concept has gained traction as the useof physical cash (currency banknotes and coins) is declining around the world with digitalpayment technologies gaining prevalence. There are a few major economies such as Japan,Switzerland, and the United States, where cash remains an important (although increasinglyless important) payment mechanism for low-va