Bank of England Staff Working Paper No 605 The Macroeconomics of Central Bank Issued Digital Currencies (CBDC).
A study on the macroeconomic consequences of issuing a central bank digital currency (CBDC) - a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as a medium of exchange. Some summary results are: a possible rise in GDP by 3%, reductions in real interest rates, distortionary taxes, and monetary transaction costs. As a second monetary policy instrument, which could substantially improve the central bank's ability to stabilize the business cycle.