000			01496nab a2200253 c 4500
999			_c150378 _d150378
003			ES-MaIEF
005			20250303094624.0
007			ta
008			250303t2024 xxu||||| |||| 00| 0eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_972375 _aBurlon, Lorenzo
245	1	4	_aThe optimal quantity of CBDC in a bank-based economy _c by Lorenzo Burlon, Manuel A. Muñoz, and Frank Smets
504			_aBibliografía
520			_aWe show that the estimated effect of digital euro news on bank stock valuations and lending depends on the bank's deposit reliance and the central bank digital currency (CBDC) design features. Using a quantitative DSGE model calibrated to the euro area economy that replicates such evidence, we find that CBDC issuance yields nontrivial welfare trade-offs between, on one side, the positive expansion of liquidity services and the improved stabilization of deposit funding and lending and, on the other side, a negative bank disintermediation effect. The optimal amount of CBDC lies between 15 and 45 percent of quarterly GDP.
650		4	_947661 _aMACROECONOMIA
650		4	_948062 _aPOLITICA MONETARIA
650		4	_969722 _aEURO DIGITAL
650		4	_948108 _aPRESTAMOS
650		4	_948149 _aPRODUCTO INTERIOR BRUTO
700	1		_972376 _aMuñoz, Manuel A.
700	1		_972377 _aSmets, Frank
773	0		_9173160 _oOP 2137/2024/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 16, n. 4, October 2024, p. 172-217.
942			_cART