标题： 中央银行数字货币、避险情绪与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： 我们分析了在宏观经济代理模型中引入央行数字货币（CBDC）所带来的金融稳定性和福利影响。 该模型考虑了企业在劳动力、商品、信贷和银行间市场上的互动。 家庭根据其银行的感知风险性，将流动性从存款转移到CBDC。 我们发现，CBDC的引入加剧了银行挤兑，并可能导致金融不稳定现象。 通过引入对CBDC持有量的限制，可以改变这种影响。 CBDC对宏观经济变量的影响很小，但对企业贷款的利率会上升，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可能有负面的福利效应，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.