人大经院朱萸副教授合作论文在《Journal of Political Economy》上正式发表
2023/6/28 16:42:04 阅读：37 发布者：
近日，经济学院朱萸副教授合作论文《Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment》在《Journal of Political Economy》上正式发表。
【内容摘要】
This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks. If banks have market power in the deposit market, a CBDC can enhance competition, raising the deposit rate, expanding intermediation, and increasing output. A calibration to the US economy suggests that a CBDC can raise bank lending by 1.57% and output by 0.19%. These crowding-in effects remain robust, albeit with smaller magnitudes, after taking into account endogenous bank entry. We also assess the role of a non-interest-bearing CBDC as the use of cash declines.
【作者简介】
朱萸，经济学院副教授，研究领域为货币经济学和计量经济学。目前主要关注电子货币的设计以及其对宏观经济的影响。
研究成果发表在《Journal of Political Economy》，《Journal of Econometrics》，《Review of Economic Dynamics》，《Quantitative Economics》，《Journal of Money Credit and Banking》，《Journal of Economics and Dynamic Control》等国际顶级经济学期刊上。
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