Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that … households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic … effects of different CBDC regimes in a New Keynesian model with a heterogeneous household sector. We consider that a CBDC may …

are sufficiently pessimistic about bank stability hold cash. The introduction of a central bank digital currency (CBDC) as … population. While cash holders always benefit by switching to CBDC, each of all other consumers may be better off or not … superiority of CBDC. …