标题： 中央银行数字货币、避险情绪和基于代理的模型中的银行挤兑 显示英文标题

标题： Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model

摘要： 我们分析了引入中央银行数字货币（CBDC）与金融稳定性和福利影响相关的问题。该模型考虑了在劳动力、商品、信贷和银行间市场上相互作用的企业、银行和家庭。家庭根据对银行风险的感知，将其流动性从存款转移到CBDC。我们发现，CBDC的引入会加剧银行挤兑，并可能导致金融不稳定现象。通过引入对CBDC持有量的限制，这种影响可以改变。CBDC对宏观经济变量影响很小，但对企业贷款利率会上升，信贷会有限地下降。CBDC导致财富从企业和银行向银行违约率较高的家庭重新分配。CBDC可能有负面福利效应，但对持有量的限制可以实现福利改善。 显示英文摘要

摘要： We analyse financial stability and welfare impacts associated with the introduction of a Central Bank Digital Currency (CBDC) in a macroeconomic agent-based model. The model considers firms, banks, and households interacting on labour, goods, credit, and interbank markets. Households move their liquidity from deposits to CBDC based on the perceived riskiness of their banks. We find that the introduction of CBDC exacerbates bank-runs and may lead to financial instability phenomena. The effect can be changed by introducing a limit on CBDC holdings. The adoption of CBDC has little effect on macroeconomic variables but the interest rate on loans to firms goes up and credit goes down in a limited way. CBDC leads to a redistribution of wealth from firms and banks to households with a higher bank default rate. CBDC may have negative welfare effects, but a bound on holding enables a welfare improvement.