WorkingPaperSeriesMacroeconomicmodellingofCBDC:acriticalreviewUlrichBindseil,RichardSennerDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No2978AbstractOverthelastdecades,macro-economistshaverenewedtheireffortstoreducethegapbetweenmonetarymacroeconomicsandreal-worldcentralbanking.Thispaperreviewshowmacroeconomicshassince2016approachedthepossibleintroductionofretailcentralbankdigitalcurrencies(CBDC).AreviewoftheliteraturerevealsthatmacroeconomicmodelsofCBDCoftenrelyonCBDCdesignfeaturesandnarrativeswhicharenolongerinlinewiththeoneofcentralbanksactuallyworkingonCBDC.Inparticular,theliteratureoften(i)doesnottakeintoaccountthenatureofcentralbanks’CBDCissuanceplansasa“conservative”reactiontoprofoundtechnologicalandpreferentialshiftsintheuseofmoneyasameansofpayments,(ii)doesnotstartfromdesignfeaturescommunicatedbycentralbanks,suchasno-remuneration,quantitylimits,accessrestrictions,andautomatedsweepingfunctionalitylinkingCBDCwalletswithcommercialbankaccounts;(iii)doesnotexplainwellenoughthedifferencebetweenCBDCandbanknoteswithintheirmacro-economicmodels,apartfromremuneration(whichcentralbanksactuallydonotforesee);and(iv)assumethatCBDCwillleadtoasignificantincreaseinthetotalholdingsofcentralbankmo...
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