法定数字货币对货币政策中介指标有效性的影响  

Study on the Impact of Digital Fiat Currency on the Effectiveness of Intermediary Indicators of Monetary Policy

作　　者：严佳佳 赵平江 Yan Jiajia;Zhao Pingjiang(School of Economics and Management,Fuzhou University,Fuzhou,Fujian 350108,China)

机构地区：[1]福州大学经济与管理学院,福建福州350108

出　　处：《金融经济学研究》2022年第6期53-67,共15页Financial Economics Research

基　　金：国家社会科学基金项目(20BJY234)。

摘　　要：为深入研究法定数字货币对中央银行货币政策中介指标有效性的影响,构建含有法定数字货币的DSGE模型,并在模型中加入数字货币利率有效下限约束,模拟检验数字货币对中国货币政策中介指标的动态影响,结果表明,法定数字货币发行可以提升货币供应量和利率的有效性,为负利率政策实施创造了条件,并且价格型中介指标的优势更加明显。基于上述结论,中央银行应有序推动货币政策量价转型,重视法定数字货币对利率政策有效性的刺激作用,加快建设法定数字货币金融基础设施。To gain a deep understanding of the impact of digital fiat currency on the effectiveness of the central bank’s monetary policy intermediary indicators, this study constructed a dynamic stochastic general equilibrium(DSGE) model including digital fiat currency with an effective lower bound on its interest rate to simulate and test the dynamic impact of digital currency on monetary policy intermediary indicators in China.The results showed that digital fiat currency issuance can enhance the effectiveness of money supply and interest rates, create conditions for the implementation of negative interest rate policy, and highlight the advantages of price-based intermediaries.According to these conclusions, the central bank should promote the orderly quantity-to-price transformation of monetary policy, pay attention to the stimulating effect of digital fiat currency on interest rate policy effectiveness, and accelerate the construction of financial infrastructure for digital fiat currency.

关 键 词：货币政策 数字货币 中介指标 负利率 

分 类 号：F822.2[经济管理—财政学]