Optimal central banking policies: Envisioning the post-digital yuan economy with loan prime rate-setting

被引：1

作者：

Lim, King Yoong ^{[1
]}

Liu, Chunping ^{[2
]}

Zhang, Shuonan ^{[3
]}

机构：

[1] Xian Jiaotong Liverpool Univ, Int Business Sch Suzhou, BS309 SIP Campus-IBSS Bldg,Suzhou Dushu Lake Sci &, Suzhou 215123, Peoples R China

[2] Nottingham Trent Univ, Nottingham Business Sch, 50 Shakespeare St, Nottingham NG1 4FQ, England

[3] Univ Southampton, Business Sch, Dept Banking & Finance, Southampton SO17 1BJ, Hants, England

来源：

EMERGING MARKETS REVIEW | 2024年 / 59卷

关键词：

China; Digital currency; Loan prime rate; Monetary policy; Bayesian DSGE models; MONETARY-POLICY; MACROPRUDENTIAL REGULATION; FINANCIAL STABILITY; BUSINESS CYCLES; CURRENCY; MONEY; MODEL;

D O I：

10.1016/j.ememar.2024.101108

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a DSGE model with cash deposits and digital currencies to study the economic stability of two potential central banking policies in China, a Loan Prime Rate (LPR) policy function and central bank digital currency (CBDC) implementation. We Bayesian-estimate both a benchmark model and a "Post-CBDC world". In the post-CBDC world, although the introduction of CBDC appears to deepen the procyclicality of macroeconomic variables to real shocks, a potential LPR-setting policy appears to have some degree of policy complementarity with CBDC to mitigate this. We also uncover an optimal policy combination of the LPR rule and Taylor -style CBDC rule.

引用

页数：29