题目: Bank Market Power and Central Bank Digital Currency: A Case of Imperfect Substitution

主讲人： 朱萸(中国人民大学)

时间：2025年4月16日 上午10:30 – 12:00

地点：承泽园344

摘要：We study central bank digital currency (CBDC), qualitatively and quantitatively, when it is an imperfect substitute for bank deposits in payments and the deposit market is imperfectly competitive. If the level of substitution is exogenous, the CBDC promotes bank intermediation and output if its interest rate is in a precise range. A CBDC that is a better substitute has larger positive effects, raising lending and output by more, starting at a lower interest rate of CBDC and continuing for a longer range. If the substitution level is endogenized through sellers’ acceptance decisions, bank disintermediation may be necessary for adoption of the CBDC. We assess these effects quantitatively.

主讲人简介：朱萸，人民大学经济学院副教授。主要研究领域是货币经济学和计量经济学。目前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 Bank》，《Journal of Economics and Dynamic Control》等国际顶级经济学期刊上。