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This article discusses the impact of central bank digital currency(CBDC) from the perspective of monetary and fiscal policy. We mainly discuss how retail CBDC can improve traditional policy performance. We argue that A CBDC helps existing monetary policies to break through the zero lower bound, shorten the policy time lag, realize selective policy interventions, and make possible the price level target policy system. Similarly, the combination of CBDC and smart contracts can directly affect the performance of the fiscal policy. Compared with the convenience and impact of CDBC as a medium of exchange, its impact as a policy tool is more profound. The current monetary policy is facing a zero lower bound. The fiscal policy is facing a huge sovereign debt crisis and the impact of other private digital currencies on fiat money, which makes the importance of CBDC as a new policy tool more prominent. However, the research on CBDC as a policy tool has many fundamental questions that remain to be answered. This paper contextualizes CBDC with global challenges in policies and new technology advances, and the authors rethink CBDC from a policy perspective, which may provide many new thoughts and have implications for the rise of global CBDC.

DCEP is the Chinese version of Central Bank Digital Currency (CBDC). It is the only legal digital currency in China and meets four conditions: (a) it is issued by the central bank; (b) it is digitized; (c) it is account and wallet based; (d) it is oriented towards the general public. As a retail central bank digital currency, it has three main technical features: a “tiered limit arrangement” (small-scale payments can be made anonymously while largescale payments cannot), a “two-tier operating system” (as with the central bank-commercial bank traditional model), and a “dual offline payment system” (supporting both parties of the transaction). Compared with CBDCs in other countries, China’s DCEP has smaller economic impacts, more obscure strategic goals, and more scarce technical details. But its progress in testing is ahead of central banks of other countries. This article is based on public information and is intended to explain what DCEP is and why and how it was developed. It also offers suggestions for future research.

This study investigated whether self‐reported impact of financial debt on health is different for women as compared with men. We found that female respondents are more likely to report that debt has affected their health. The results persisted when the analysis was performed on subsamples of employed individuals, married households and those with underwater mortgage (i.e., outstanding balance on mortgage is higher than the current value of the home). Prior studies have found that for a given level of debt, females are more likely to perceive higher levels of stress. When we controlled for stress perception, the health impact of debt was not higher for females. Some types of debt like credit card debt, student debt and loans from friends and family are known to result in higher levels of stress. Our findings persisted when we limited our sample to top users of credit card debt, to those with student debt or to those with loan(s) from friends and family. Prior studies have shown that mortgage debt is associated with lower levels of stress as compared with other types of debt. We found that in households with underwater mortgage, health impact of debt was higher for females even after we accounted for gender differential in stress perception. Our findings suggest that women's tendency to experience higher levels of stress for a given level of debt mediates the increased likelihood of women reporting that debt has affected their health. However, there exists a possibility that some types of debt in some situations impact health of women more than men for reasons other than debt‐related stress. [ABSTRACT FROM AUTHOR]