Central Bank Digital Currency and Monetary Policy Transmission
Central bank digital currency(CBDC)is becoming the competitive battleground for major powers.To adapt the future development of the digital economy,the issuance of CBDC is bound to have a profound impact on monetary policy and the banking system.In this paper,we explore the mechanism of improving monetary policy transmission through the issuance of CBDC by construc-ting a multi-sector dynamic stochastic general equilibrium model that includes CBDC.The study finds that the issuance of non-interest-bearing retail CBDC,on the one hand,enables the central bank to improve its ability to constrain the liquidity of commercial banks and enhance the ability of monetary policy's bank lending channels to regulate the real economy,on the other hand,promotes the further digitalization of commercial banks,effectively alleviating the information asymmetry be-tween financial intermediaries and borrowers,thereby reducing the financing premium for loans.Further research based on policy efficiency,social welfare,and economic fluctuations finds that,the sacrifice rate of implementing anti-inflation policies is relatively lower under the issuance of CB-DC compared to other institutional arrangements,the issuance of CBDC can play a positive role in enhancing social welfare,the central bank needs to appropriately increase the capital adequacy ratio requirements for commercial banks to avoid economic fluctuations caused by excessive expansion of bank loans.The research results of this paper provide important policy implications for the steady promotion of the development of e-CNY.
万方数据
维普
