央行数字货币发行规模与计息规则的宏观经济效应--基于DSGE模型的模拟分析

The Macroeconomic Effects of the Issuance Scale of Central Bank's Digital Currency and Interest Computation Rule--A Simulation Analysis Based on DSGE Model

本文将央行数字货币(CBDC)引入DSGE模型,以产出、消费、投资与通账四个宏观经济指标为参照,观察CBDC发行规模与计息规则产生的宏观经济效应。研究结果表明:(1)以替代现全且不计息的方式发行CBDC有利于宏观经济稳定。(2)加大CBDC供应量可以作为一项宽松型货币政策工具;调高CBDC利率可以作为一项紧缩型货币政策工具。(3)CBDC收益性越接近存款,家庭部门使用数字货币进行消费的意愿越小;由于家庭部门受CBDC收益和通胀的影响,CBDC正向供应量与利率冲击会使消费出现暂时的减少与增长。

This paper introduces the central bank's digital currency(CBDC)into DSGE model,and takes the four macroe-conomie indicators of output,consumption,investment and infation as reference to observe the macroeconomie fleets of CBDC ising scale and interest computation rule.The research results show that,(1)issuing CBDC as a replacement of cash and withoul interest is beneficial to macroeconomie stability;(2)increasing the supply of CBDC can be used a a loose monetary policy tool,and raising the CBDC interest rale can be used as a lightening monelary policy tool;(3)the eloser the profitability of CBDC is to deposits,the less wlling the household sector is to use digital currency for consumption;since the household sector is afctede by CBDC income and inlation.the positive supply of CBDC and the impaet of interest rate will temporarily reduce and increase consumption.