货币运行成本、央行数字货币付息类型和最优货币政策  

Monetary Operation Cost,Interest Payment Type of Central Bank Digital Currency,and Optimal Monetary Policy

作　　者：周闯 曾志雄 金一 龚驰原 Zhou Chuang;Zeng Zhixiong;Jin Yi;Gong Chiyuan(School of Finance,Key Laboratory of Data Science in Finance and Economics,Jiangxi University of Finance and Economics;School of Economics&Management,Research Center of China Central Economic and Social Development,Nanchang University;Research Institute of Economics and Management,Southwestern University of Finance and Economics;Institute of Xi Jinping's Economics Thought Research,Southwestern University of Finance and Economics)

机构地区：[1]江西财经大学金融学院 [2]江西财经大学财经数据科学重点实验室 [3]南昌大学中国中部经济社会发展研究中心、经济管理学院 [4]西南财经大学经济与管理研究院 [5]西南财经大学习近平经济思想研究院

出　　处：《国际金融研究》2024年第7期26-38,共13页Studies of International Finance

基　　金：国家自然科学基金青年项目“中央银行数字货币对货币政策传导的影响和作用机理研究”(72103084);教育部人文社会科学研究青年基金项目“中央银行数字货币、金融中介和货币政策传导研究:作用机制和影响分析”(21YJC790167)资助。

摘　　要：本文通过构建引入货币运行成本的搜寻模型,探讨了不同流动性场景和央行数字货币付息类型对经济运行和货币政策的影响。研究发现:相同流动性场景下,私人会选择经过自身承担货币运行成本调整后名义回报率更高的那种货币形式,最优货币政策是调控该占优货币的实际利率水平,使之为商品交易带来的福利边际增加等于其造成的货币总运行成本的边际增加。央行数字货币占优能提高社会福利,该福利水平不受数字货币付息类型的影响,而数字货币占优的条件是其净名义利率要高于一个负的阈值。差异流动性场景下,在两种货币形式可互相替代的场景中,何种货币形式占优决定了整个经济是呈现只有一种货币形式被使用的单形均衡,还是两种货币形式并用的混形均衡。均衡类型和数字货币是否付息对社会福利有重要影响,其中,对数字货币付息并进入混形均衡带来的社会福利最高,此时最优货币政策能同时确定最优的通胀率和数字货币名义利率。本文的研究为探讨央行数字货币发行后的货币政策问题贡献了新的理论思考和实践借鉴。Nearly a hundred central banks around the world have officially released project plans for central bank digital currency(CBDC),China is the world's first major economy to issue and apply CBDC named digital RMB in the real economy.It is of great theoretical and practical significance to understand and summarize China's leading experience in this emerging field,and conduct forward-looking monetary policy research after the launch of the CBDC.This paper constructs a monetary search model that introduces the monetary operation cost,and fully explores the impact of different liquidity scenarios and different interest payment types of CBDC on the exchange economy and monetary policy.The results show that,in the scenario where CBDC and traditional fiat currency are equal liquid,private entities will choose the monetary form(called dominant currency)with a higher nominal return rate after adjusting for their own monetary operation costs borne by the private entities.Making CBDC dominant can improve social welfare,which is not affected by the interest payment types of CBDC.The condition for CBDC dominance is that its net nominal interest rate is higher than a negative threshold.In the scenario of differential liquidity,the entire economy may experience a single or mixed currency equilibrium regime.Both the types of currency equilibrium regimes and the interest payment types of CBDC have a significant impact on social welfare.Among all types of CBDC and currency equilibrium regimes,the mixed equilibrium regime where CBDC is interest-paying brings the highest social welfare,and the optimal monetary policy can simultaneously determine the optimal inflation rate and nominal interest rate of CBDC.Based on the above conclusions,this paper proposes the following policy suggestions.Firstly,strengthen the calculation of the operation costs of different monetary forms to provide basic data support for monetary policy.Secondly,further promote the application scenarios of CBDC and closely monitor the impact of scenario expansion on m

关 键 词：央行数字货币 货币运行成本 最优货币政策 货币搜寻 

分 类 号：F820[经济管理—财政学]