中央银行数字货币与货币政策传导_66页_1mb

Central Bank Digital Currency and Monetary Policy Transmission

Authors

• Saroj Bhattarai, University of Texas at Austin
• Mohammad Davoodalhosseini, Bank of Canada Banking and Payments Department
• Zhenning Zhao, University of Texas at Austin

Summary

Objective

The paper examines the transmission of monetary policy when a central bank digital currency (CBDC) is introduced in a general equilibrium model. It investigates effects on output, consumption, inflation, investment, and other key variables under different policy shocks, CBDC designs, and monetary policy frameworks.

Methodology

• Model: A New Keynesian general equilibrium model with nominal rigidities, liquidity frictions, banking sector (leverage constraints), and financial frictions.
• Features: CBDC and bank deposits provide liquidity services; CBDC design features include substitutability and interest bearing.
• Shocks: Canonical monetary policy shocks (e.g., Taylor rule changes in reserves interest rate) and reserve quantity shocks.
• Policy Frameworks: Comparisons include CBDC as the primary tool vs. reserves, and fixed-interest CBDC vs. quantity-based rules.

Key Findings

• Effect on Policy Transmission:

  • CBDC amplifies standard monetary policy shocks (e.g., increase in reserves interest rate) due to heightened liquidity costs and attenuation of the New Monetarist channel.
  • Reserve quantity shocks show dampened effects on investment, consumption, and output with CBDC introduction.
  • A zero-interest CBDC design generally amplifies responses to interest rate shocks but reduces responses to quantity shocks.

• Dependence on Design Features:

  • Elasticity of substitution between CBDC and deposits influences economic responses.
  • CBDC design (e.g., complements or substitutes) affects transmission channels and policy effectiveness.

• Monetary Policy Framework Impact:

  • Using CBDC as the primary policy tool yields contractionary effects, similar to traditional reserves.
  • Reserves as the tool triggers expansionary effects through reduced liquidity costs, enhancing labor supply and consumption.

• Balance Sheet Rules:

  • Fixing CBDC interest rate amplifies shocks and reduces output more than fixing CBDC quantity, which activates mitigation channels.

Conclusion

CBDC can significantly alter monetary policy transmission based on its design and the policy framework, with profound implications for macroeconomic outcomes. The model provides policy insights for CBDC implementation, emphasizing the role of design features and monetary policy tools.

Key Implications for Policy

• CBDC introduction requires careful consideration of its design (e.g., interest bearing, substitutability) to manage its impact on economic shocks and policy transmission.
• Policymakers should align CBDC frameworks with existing monetary policy tools for optimal effectiveness.