Optimal central banking policies: Envisioning the post-digital yuan economy with loan prime rate-setting

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-01-24 DOI:10.1016/j.ememar.2024.101108

King Yoong Lim , Chunping Liu , Shuonan Zhang

引用次数: 0

Abstract

We develop a DSGE model with cash deposits and digital currencies to study the economic stability of two potential central banking policies in China, a Loan Prime Rate (LPR) policy function and central bank digital currency (CBDC) implementation. We Bayesian-estimate both a benchmark model and a “Post-CBDC world”. In the post-CBDC world, although the introduction of CBDC appears to deepen the procyclicality of macroeconomic variables to real shocks, a potential LPR-setting policy appears to have some degree of policy complementarity with CBDC to mitigate this. We also uncover an optimal policy combination of the LPR rule and Taylor-style CBDC rule.

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最佳中央银行政策：以贷款优惠利率设定展望后人民币数字化经济

我们建立了一个包含现金存款和数字货币的 DSGE 模型，以研究中国两种潜在中央银行政策的经济稳定性，即贷款最优惠利率（LPR）政策函数和中央银行数字货币（CBDC）的实施。我们对基准模型和 "后 CBDC 世界 "进行了贝叶斯估计。在 "后 CBDC 世界 "中，虽然 CBDC 的引入似乎加深了宏观经济变量对实际冲击的顺周期性，但潜在的 LPR 设定政策似乎与 CBDC 具有一定程度的政策互补性，可以缓解这一问题。我们还发现了 LPR 规则和泰勒式 CBDC 规则的最佳政策组合。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.