法定数字货币与货币政策传导——基于开放经济DSGE模型

Legal Digital Currency and Monetary Policy Transmission--Based on DSGE Model of Open Economy

构建包含法定数字货币的开放经济DSGE模型,结合我国实际合理引入利率走廊等因素,动态模拟分析开放经济中推出法定数字货币情况下的货币政策传导机制。研究发现:法定数字货币变动对国内家庭有直接的作用,能够加强中央银行对货币的动态调控。法定数字货币技术进步有助于推动经济增长,导致国外产品的价格相对国内产品来说升高,实际汇率上升。随着存款向数字货币转化程度的提升,法定数字货币政策调控的效果明显增强,法定数字货币发行后能够增强汇率的灵活性和可测性。鉴于此,应拓展法定数字货币的推广和应用,完善法定数字货币背景下的金融监管,加快数字货币技术研发和创新,加强国际合作以增强我国法定数字货币领域国际规则制定话语权。

The DSGE model of open economy including legal digital currency is constructed,and the transmission mechanism of monetary policy in the case of legal digital currency in open economy is dynamically simulated and analyzed based on China's actual situation and reasonable introduction of interest rate corridor and other factors.The research finds that the change of legal figure currency has a direct effect on domestic households and can strengthen the dynamic regulation of the central bank on currency.The technological progress of legal digital currency is conducive to promoting economic growth,leading to higher prices of foreign products compared with domestic products and higher real exchange rates.With the improvement of the conversion of deposits to digital currency,the effect of legal digital monetary policy regulation has been significantly enhanced.After the issuance of legal digital currency,the flexibility and predictability of exchange rate can be enhanced.In view of this,we should expand the promotion and application of legal digital currency,improve financial supervision under the background of legal digital currency,speed up the research and development and innovation of digital currency technology,and strengthen international cooperation to enhance China's voice in international rule making in the field of legal digital currency.