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The Bank for International Settlements has published a working paper titled "CBDC and the operational framework of monetary policy" by Jorge Abad, Galo Nuño, and Carlos Thomas. The paper analyzes the impact of introducing a central bank-issued digital currency (CBDC) on the operational framework of monetary policy and the macroeconomy as a whole. The authors develop a New Keynesian model with heterogeneous banks, a frictional interbank market, a central bank with deposit and lending facilities, and household preferences for different liquid assets. The model is calibrated to replicate the main monetary and financial aggregates in the euro area. The paper predicts that CBDC adoption would result in a roughly equivalent reduction in banks’ deposit funding. However, the authors note that the exact impact would depend on various factors, including the design of the CBDC and the behavior of financial intermediaries.
