Monetary Policy Rule and Policy Effect of Central Bank Digital Currency
The current economy has entered a digital era based on information technology,where traditional fiat curren-cies,confined to offline transactions,are gradually being edged out of the payment market.This has led to a decrease in the ef-fectiveness of monetary policy.Central Bank Digital Currency(CBDC),which combines the advantages of currency and digi-tal technology,are expected to fill the gaps of traditional currency and help enhance the effectiveness of monetary policy.Against this backdrop,this article constructs a DSGE model with CBDC in an open economy to characterize the economic environment of CBDC cross-border circulation and to study the design of policy rules for central bank digital currency in an open economy,as well as the policy effects under different policy rules.The research finds that,in addition to domestic goods inflation rates and output gaps,the velocity of money circulation serves as an effective nominal anchor for constructing a quantity-based CBDC policy rule,while nominal exchange rates and trade balance items are effective nominal anchors for constructing a price-based CBDC policy rule.Monetary policy imple-mented through CBDC as a vehicle is more effective in offsetting adverse technological shocks than the traditional Taylor rule.Quantity-based CBDC policy has the advantage of maintaining economic stability and regulating domestic goods inflation rates,while price-based CBDC policy offers the advantage of maintaining exchange rate and inflation stability,CBDC mixed rules have the advantage of stimulating consumption and driving economic growth.Based on the conclusions of this paper,it is recommended that central banks use the features of e-CNY,such as digitaliza-tion,programmability,transparency of information,and traceability,to advance innovation in monetary policy,including the in-novation of monetary policy tools and the implementation pathways of policies.By leveraging the"programmability"of e-CNY and smart contract technology,different policy objectives can be set with trigger conditions in advance,or policies with different paths but the same goal can be technically linked,to achieve the cross-application of various monetary policy rules.
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