法定数字货币(Central Bank Digital Currency,CBDC)是既有数量又有方向区分的智能"异质矢量"货币,有助于实现货币政策的定向精准调控.基于CBDC的流向主体条件触发机制,构建了货币效用生产(Money in Utility &Production,MIUP)模型,并分别模拟了面向家庭或厂商的定向数量型货币政策调控效果.研究发现:传统数量型货币政策,同时影响经济总需求和总供给,但以需求侧效应为主;针对家庭的定向数量型货币政策,仅影响经济总需求,可兼顾"稳增长"与"稳通缩",能有效缓解需求侧冲击;针对厂商的定向数量型货币政策,仅影响经济总供给,能同时"稳增长"与"稳通胀",可有效缓解供给侧冲击.在CBDC时代,货币政策具有"定量+定向"双重属性,将促进货币政策从"大水漫灌"模式进入"精准滴灌"模式.因此,在CBDC功能创新方面,应同时关注交易支付功能和政策实施功能,做到多能并举和智能集成;货币政策创新要为宏观调控立良策谋善治,既要跟上货币形态和功能的演进,又要适应数字经济的发展要求.
Central Bank Digital Currency and Targeted Monetary Policy:A MIUP-DSGE Analysis
Central Bank Digital Currency(CBDC)is an intelligent"heterogeneous vector"currency with both quantity and direction differentiation,which is conducive to the targeted and precise regulation of monetary policy.Based on the orientational trigger mechanism of CBDC,a money in utility and production(MIUP)model was constructed and the targeted quantitative monetary policy regulation effects for firms or households were simulated.It is found that traditional quantitative monetary policy affects both aggregate economic demand and aggregate supply,but the demand-side effect is dominant.The targeted quantitative monetary policy for households only affects the aggregate economic demand,and thus increase output and stop deflation at the same time,which can effectively alleviate demand-side shock,while the targeted quantitative monetary policy for firms only affects the aggregate economic supply,and thus simultaneously increase output and stop inflation,which effectively alleviates the supply-side shock.In the era of CBDC,the monetary policy has the dual attribute of"quantity and direction",and will change from the"flood irrigation"mode to the"drip irrigation"mode.Therefore,in terms of functional innovation,CBDC should focus simultaneously on both the transaction and payment function and the policy implementation function,in order to achieve multi-functionality and intelligent integration.The innovation on the monetary policy needs to establish good strategies and governance for macroeconomic regulation,keep up with the evolution of monetary form and function and adapt to the development requirements of the digital economy.
Central Bank Digital Currencytargeted monetary policymoney in utility and production(MIUP)model
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