CBDC 对美资产负债表的效应

This research paper discusses the potential effects of central bank digital currency (CBDC) on the Federal Reserve's balance sheet. The authors propose a framework to understand how CBDC issuance might affect the financial system and the Federal Reserve's balance sheet. The study shows that there is a wide range of outcomes that could occur following CBDC issuance, and the potential effects on the financial sector depend critically on how the Fed manages its balance sheet. The authors suggest that the Fed should carefully consider the potential effects of CBDC issuance on the financial system and its balance sheet before implementing any policies related to CBDC.