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Central bank digital currencies and the macroeconomic trilemma

delete2026-04-10
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PRE
AI
A
Ammu George
T
Taojun Xie *
J
Joseph D. Alba
DOI：10.1016/j.jbankfin.2026.107696delete
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Abstract

Abstract

En 中文
• Interest-bearing CBDC as a second instrument overcomes the macroeconomic trilemma. • Countercyclical CBDC rules enhance social welfare and economic stability. • CBDC welfare gains are higher under flexible than fixed exchange rate regimes.
Keywords:
CBDC
macroeconomic trilemma
social welfare
economic stability
exchange rate regimes

Journal

J
JOURNAL OF BANKING & FINANCE
IF:
3.8
Papers:
65
Citations:
0

Organization

Q
queen's university belfast
Scholars:
766
Papers: 410
Citations: 0
N
nanyang technological university
Scholars:
2.5K
Papers: 1.6K
Citations: 1
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