报告题目 | Optimal Central Banking Policies: Envisioning the Post-Digital Yuan Economy with Loan Prime Rate-setting |
报告人（单位） | 刘春平（Nottingham Trent University，UK） |
点评人（单位） | 刘晓星教授、尹威副教授 |
时间地点 | 2022年9月1日星期四17：00，腾讯会议ID：217-345-681 |
报告内容摘要 | |
We develop a DSGE model with cash and digital currency to study the financial stability properties of two potential central banking policies in China. Specifically, a Loan Prime Rate (LPR)-setting policy function and central bank digital currency (CBDC) implementation are examined. Distinguish between a benchmark model and a "Post-CBDC world", we Bayesian-estimate the model. Post-CBDC implementation, we find macroeconomic variables to display greater procyclicality to real shocks. However, we also find a potential LPR-setting policy to exhibit an improved stabilization property in the post-CBDC world. We uncover an optimal design of LPR policy function, which targets more specifically housing and capital asset markets, as well as the growth in CBDC. This suggests a potential policy complementarity between these two seemingly unrelated central banking policies in the financial stability agenda of China going forward. | |
刘春平博士2012年获得英国卡迪夫大学（Cardiff University）经济学博士，现为英国特伦特大学（Nottingham Trent University）商学院高级讲师，擅长于DSGE模型的构建、估计，以及以现代计量方法为基础的DSGE模型检验。目前，刘春平博士已在国际知名SSCI期刊 Journal of Banking and Finance，International Journal of Finance and Economics, Economic Modelling，Journal of Business Economics and Management上发表多篇高水平论文；她近期的研究旨在通过构建符合中国经济特点及传导机制的DSGE模型，侧重中国房价，财政政策以及货币政策方面的相关研究。
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