(accounting for the government’s interest) and a representative household choosing to consume, hold CBDC, or hold non-CBDC. The … central bank chooses negative interest rate when it realizes that the household is willing to pay the central bank for holding … CBDC. The household pays the negative interest rate because of its Cobb Douglas preferences whereby it values holding CBDC …

members of a household (i.e. between paid or unpaid work) has deep social and economic implications. The paper shows that the … redistribution of income (from labour and from transfers) within the household is able to compensate for between 70 and 90 per cent … household redistribution is declining; while the income inequality of individuals has declined over time, that measured after …