新货币主义新凯恩斯模型中的CBDC和商业周期.pdf

血 EU R。P EAN CENTRAιBANK EUROSYSTE问 Working Paper Series Katrin Assenmacher, Lea Bitter, CBDC and business cycle dynamics Annukka Ristiniemi in a New Monetarist New Keynesian model D sclaimer: This paper shot』Id not be repo同ed as representing the views of the European Central Bank (ECB) . The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract To study implications of an interest-bearing CBDC on the economy, we in­ tegrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the store-of-value function of money through a conventional Taylor rule while it affects the means-of-exchange function of money through CBDC operations. Pea.k responses to monetary policy shocks remain similar in the presence of a.n interest-bearing CBDC, implying that monetary transmission is not impaired. At the same time however, the provision of CBDC helps smooth responses to macroeconomic shocks. By supplying CBDC, the central bank contributes to stabilising the liquidity premium, thereby affecting bar业funding conditions and the opportunity costs of money, which dampens and smoothes the reaction of investment and consumption to macroeconomic shocks. Keywords: Central bank digital curr巳IlCj飞 monetary policy, DSGE, search and match