Malloy, Matthew; Martinez, Francis; Styczynski, Mary-Frances - 2022
.S. monetary policy implementation. Using a stylized balance sheet analysis, we analyze the effect a retail CBDC could have on the … balance sheets of the Federal Reserve, commercial banks, and U.S. households. Then we consider how these balance sheet changes … policy implementation from a retail CBDC are highly dependent on the initial conditions of the Federal Reserve’s balance …