利率走廊下的央行数字货币研究——基于新货币主义理论与中国现实的探讨

Research on Central Bank Digital Currency in an Interest-rate Corridor:An Analysis Based on New Monetarism Theory and China's Reality

本文基于我国利率走廊体制,构建了包含央行数字货币和债券的基准模型,刻画了金融机构在银行间市场交易和获取央行常备借贷便利的微观基础,全方位探讨了付息的央行数字货币在利率走廊下可以发挥的作用。模型的结果显示,央行数字货币利率在上行和下行利率区间都能充分发挥作用,必要时可以成为走廊的下限利率,从而发挥引导市场利率的作用。在扩展模型中,通过引入实物资本,将研究视角从批发金融端延伸到实体经济,研究了央行数字货币利率和其他政策工具对银行间市场交易和实物资本投资的作用。本文对进一步推广数字人民币,完善我国利率走廊机制,提升货币政策传导效果,推动金融更好服务实体经济具有重要的政策启示和参考价值。

Based on China's interest rate corridor system,this paper constructs a benchmark model that includes central bank digital currency(CBDC)and government bonds.It captures the micro-foundation of financial institutions that transact with each other and access to central bank standing lending facilities in an interbank market,which comprehensively explores the role that interest-bearing CBDC can play in an interest rate corridor.The main results demonstrate that the interest rate of CBDC can effectively function within both upper and lower interest rate boundaries of the interest rate corridor,and,if necessary,can serve as the floor of the corridor,thus playing a significant role in guiding market interest rates.In the extended model,by incorporating physical capital,we further extend from a perspective of wholesale finance to that of the real economy,examining the impact of CBDC interest rates and other policy tools on both interbank-market transactions and real investment.This paper carries substantial policy implications and serves as a valuable reference for advancing CBDC,refining China's interest rate corridor mechanism,bolstering the effectiveness of monetary policy transmission,and advancing financial services to better support thereal economy.