Monetary Operation Cost,Interest Payment Type of Central Bank Digital Currency,and Optimal Monetary Policy
Nearly a hundred central banks around the world have officially released project plans for central bank digital currency(CBDC),China is the world's first major economy to issue and apply CBDC named digital RMB in the real economy.It is of great theoretical and practical significance to understand and summarize China's leading experience in this emerging field,and conduct forward-looking monetary policy research after the launch of the CBDC.This paper constructs a monetary search model that introduces the monetary operation cost,and fully explores the impact of different liquidity scenarios and different interest payment types of CBDC on the exchange economy and monetary policy.The results show that,in the scenario where CBDC and traditional fiat currency are equal liquid,private entities will choose the monetary form(called dominant currency)with a higher nominal return rate after adjusting for their own monetary operation costs borne by the private entities.Making CBDC dominant can improve social welfare,which is not affected by the interest payment types of CBDC.The condition for CBDC dominance is that its net nominal interest rate is higher than a nega-tive threshold.In the scenario of differential liquidity,the entire economy may experience a single or mixed currency equilib-rium regime.Both the types of currency equilibrium regimes and the interest payment types of CBDC have a significant impact on social welfare.Among all types of CBDC and currency equilibrium regimes,the mixed equilibrium regime where CBDC is interest-paying brings the highest social welfare,and the optimal monetary policy can simultaneously determine the optimal in-flation rate and nominal interest rate of CBDC.Based on the above conclusions,this paper proposes the following policy suggestions.Firstly,strengthen the calculation of the operation costs of different monetary forms to provide basic data support for monetary policy.Secondly,further promote the application scenarios of CBDC and closely monitor the impact of scenario expansion on monetary policy.Thirdly,attach great importance to and conduct in-depth research on the significant value of the nominal interest rate of CBDC as a potential mon-etary policy tool,in order to provide theoretical support for accelerating the construction of a financially robust country with a"strong currency"in the digital economy era.
Central Bank Digital CurrencyMonetary Operation CostOptimal Monetary PolicyMonetary Search
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