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.

翻译：我们在宏观经济基于代理模型中分析了引入中央银行数字货币（CBDC）对金融稳定性和福利的影响。该模型考虑了企业、银行和家庭在劳动力、商品、信贷和银行间市场上的互动。家庭根据对银行风险程度的感知，将流动性从存款转移至CBDC。研究发现，CBDC的引入会加剧银行挤兑，并可能导致金融不稳定现象。通过设定CBDC持有上限可以改变这一效应。CBDC的采用对宏观经济变量影响甚微，但企业贷款利率会上升，信贷规模会有限度地下降。CBDC导致财富从企业和银行重新分配至家庭，同时银行违约率升高。CBDC可能产生负面福利效应，但设置持有上限可实现福利改善。