法定数字货币智能化发行与货币政策时滞  

The Intelligent Issuance of CBDC and the Time Lags of Monetary Policy

作　　者：彭安兴 Peng Anxing

机构地区：[1]广西大学经济学院

出　　处：《财经科学》2025年第1期15-27,共13页Finance & Economics

基　　金：国家社科基金一般项目“数字经济对货币和财政政策效果的影响研究”(24BJL052);广西高校人文社会科学重点研究基地基金广西战略发展研究院项目“基于法定数字货币的定向货币政策研究”(2024GDSIYB19)的资助。

摘　　要：传统纸币时代,货币政策存在时滞,可能会导致“逆周期调节,顺周期生效”现象。数字货币时代,内嵌政策目标的智能法定数字货币可做到“预发行货币,逆周期生效”,从而缩短货币政策时滞。为探讨法定数字货币缩短政策时滞的经济效应,将NK(New Keynesian)模型扩展为带有货币政策时滞的NKD(New Keynesian with Delay)模型。研究发现:法定数字货币智能化前瞻发行的“经济状态触发机制”“时点条件触发机制”和“贷款利率触发机制”,理论上可降低数量型和价格型政策的时滞;货币政策在智能法定数字货币的加持下,从“逆周期调节”工具升级为“逆周期生效”工具,可有效避免“逆周期调节,顺周期生效”难题,从而提高经济的稳定性并减少社会福利损失。In the era of paper currency,monetary policy has time lags,which may cause counter-cyclical monetary policy to take effect only during the pro-cyclical phase.In the era of Digital Currency,Central Bank Digital Currency(CBDC)embed with policy objectives can be issued in advance and taking effect counter-cyclically,thus shorting the time lags in monetary policy.To explore the economic effects of CBDC in reducing policy delays,we extend the standard NK model to the NKD(New Keynesian with Delay)model.The trigger mechanisms about economic state,time-point and interest rate in CBDC,can theoretically reduce the time lags of quantity or price based monetary policies.In the NKD model,we find that the intelligent CBDC can upgrade monetary policies and make the counter-cyclical intervention tools take counter-cyclical effects.Monetary policy with the support of CBDC,can avoid the counter-cyclical interventions take pro-cyclical effect,so improving the stability of economy and reducing the welfare loss.

关 键 词：CBDC 政策时滞 货币调控 经济稳定 

分 类 号：F832[经济管理—金融学]