Macroeconomic Effects of Advancements in Payment Technology and Expansion of Application Scenarios of Central Bank Digital Currency
In this paper,a multi-sector dynamic stochastic general equilibrium model including CBDC and monopolistic competition in the banking industry is constructed.The mechanism and intensity of the payment technology progress and application scenario expansion of CBDC on the macro-economy and monetary and financial system are studied.We find there is a significant effect of the progress of CBDC payment technology in reducing transaction costs.This advancement not only heightens the willingness of the public to hold CBDC,fostering the demand-side transformation towards digitization,but also stimulates consumption and investment demand,ultimately driving the expansion of aggregate demand.Additionally,we also find that the monopolistic competition in the monetary and banking system,driven by digitization,creates a liquid and low-interest credit environment,which is favorable for promoting the expansion of aggregate demand.Furthermore,the expansion of CBDC's application scenarios is observed to promote economic growth,enhance social welfare,and stabilize macroeconomic fluctuations through various channels,including the monetary quantity effect,technology diffusion effect,and resource reallocation effect.The research results of this paper on interest-free retail CBDC provide important policy implications for the steady promotion of China's e-CNY development.
万方数据
维普
