中央银行数字货币对宏观经济动态的影响：DSGE 分析

IF 4.2 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2024-11-01 DOI:10.1016/j.econmod.2024.106930

Lijin Xiang, Chao Feng, Zumian Xiao, Jianjian Liu

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引用次数: 0

摘要

本研究探讨了中央银行数字货币（CBDC）在各种外部冲击下对宏观经济波动的影响，拓展了CBDC发行对宏观经济影响的研究。我们建立了一个动态随机一般均衡（DSGE）模型，研究了在三种不同的 CBDC 规则下，不同的外部冲击对宏观经济的影响。我们的分析表明，在有 CBDC 的情况下，宏观经济变量在受到外来冲击后一般比没有 CBDC 的情况下更不稳定，同时突出了货币政策在稳定宏观经济中的关键作用。流动性和替代效应被认为是结果的主要驱动因素。这些研究结果为改善有息社区发展债券的福利效应提供了新的视角，对有效实施货币政策具有重要意义。

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The impact of central bank digital currency on macroeconomic dynamics: A DSGE analysis

This study investigates the impact of Central Bank Digital Currency (CBDC) on macroeconomic fluctuations under various external shocks, expanding the research on macroeconomic effects of CBDC issuance. We develop a dynamic stochastic general equilibrium (DSGE) model to examine the effects of different external shocks on the macroeconomy under three scenarios with varying CBDC rules. Our analysis reveals that, in the presence of CBDC, macroeconomic variables are generally more volatile after exogenous shocks than in the absence of CBDC, while highlighting the crucial role of monetary policy in stabilizing the macroeconomy. Liquidity and substitution effects are identified as main drivers of the results. These findings offer new insights into the welfare improving effect of interest-bearing CBDC, carrying significant implications for the effective implementation of monetary policy.

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来源期刊

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.