level clearly. A positive information shock which also induces increases in interest rate is perceived by private agents as …

shocks and study their effects on financial variables and macro variables. The first shock resembles a conventional monetary … policy shock, and the second resembles an unconventional monetary shock. The third shock leads to an increase in interest … and uncertainty decrease, and the U.S. dollar depreciates. Therefore, this third shock combines all the characteristics of …

higher consumption. Moreover, the shock absorption capability increases in an economy with CBDC. This particularly applies to …