A study on the influence mechanism of CBDC on monetary policy: An analysis based on e-CNY

【Author】 Yang, Jiemeng; Zhou, Guangyou

【Source】PLOS ONE

【影响因子】3.752

【Abstract】This paper attempts to introduce central bank digital currency (CBDC) into the analysis framework of monetary policy, and studies the influence mechanism of e-CNY, central bank digital currency in China, on the monetary policy of the central bank from the aspects of money demand, money supply and monetary policy transmission mechanism. The research finds that e-CNY will have significant impact on monetary policy: (1) E-CNY will change the structure of money demand, speed up currency circulation, make central bank reserves more controllable and money supply more intelligent; (2) E-CNY will increase the volatility and expansion effect of currency multiplier to a certain extent; (3) E-CNY will dredge the transmission channel of monetary policy so as to improve the transmission effect of existing monetary policy tools. At the same time, based on the organic combination with structural monetary policy tools, it will achieve precise implementation of medium-term lending facilities (MLF), pledged supplementary lending (PSL), and it may bring new monetary policy tools. (4) E-CNY will make the intermediate target of monetary policy more controllable and reliable, and have a positive impact on the target of monetary policy through the smooth transmission of monetary policy channels. Therefore, it is necessary to strengthen the research on CBDC, give full play to the positive role of e-CNY in monetary policy, and improve the effectiveness of monetary policy.

【Keywords】

【发表时间】2022 17-May

【收录时间】2022-11-22

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币