第十二讲 The Case for Convenience: How CBDC Design Choices Impact Monetary Policy Pass-Through

时间：2025年6月10日周二 上午9点至10点30

Tuesday June 10, 9:00-10:30 am Beijing time

(Monday June 9, 9:00-10:30 pm EDT)

地点/Venue：

ZOOM会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker:   Haoxiang Zhu,

主持人/Host：      胡佳胤 Jiayin Hu

Abstract: Banks of different sizes respond differently to interest on reserves (IOR) policy. For low IOR rates, large banks are non-responsive to IOR rate changes, leading to weak pass-through of IOR rate changes to deposit rates. In these circumstances, a central bank digital currency (CBDC) may be used to provide competitive pressure to drive up deposit rates and improve monetary policy transmission. We explore the implications of two design features: interest rate and convenience value. Increasing the CBDC interest rate past a point where it becomes a binding floor, increases deposit rates but leads to greater inequality of market shares in both deposit and lending markets and can reduce the responsiveness of deposit rates to changes in the IOR rate. In contrast, increasing convenience, from sufficiently high levels, increases deposit rates, causes market shares to converge and can increase the responsiveness of deposit rates to changes in the IOR rate.

主讲人简介：

Haoxiang Zhu is Gordon Y Billard Professor of Management and Finance and Associate Professor of Finance at the MIT Sloan School of Management. His research primarily focuses on asset pricing, with a particular emphasis on market structure and market design. He has published research papers in Journal of Finance, Journal of Financial Economics, Journal of Economic Theory, Review of Economic Studies, and Review of Financial Studies, among others. Zhu's scholarly contributions have won several awards, including the 2017 Amundi Smith Breeden Prize (First Prize) from the Journal of Finance, the 2016 AQR Insight Award Prize (First Prize), the 2015 Kepos Capital Award for Best Paper on Investments from the Western Finance Association, and the 2013 Review of Financial Studies Young Researcher Prize. In 2016, he was named one of the 40 under 40 Best Business School Professors by Poets and Quants.

From December 2021 to December 2024, Professor Zhu served as the Director of the Division of Trading and Markets at the Securities and Exchange Commission. He led critical initiatives to modernize the regulation of U.S. securities markets. Key achievements include expanding central clearing for Treasury repurchase and cash transactions, shortening the securities settlement cycle to one day, and comprehensively revising rules that govern the market-wide mechanics of stock trading and execution quality disclosure. During his tenure, the SEC also updated existing regulation for broker-dealers and adopted new rules that increase the transparency and integrity of markets for securities lending, short selling, and security-based swaps. Besides rulemaking, Haoxiang Zhu led the Division of Trading and Markets' efforts in the day-to-day oversight of exchanges, alternative trading systems, broker-dealers, FINRA, clearing agencies, and other market participants.

Prior to his SEC role, Professor Zhu served as a finance Department Editor of Management Science, an Associate Editor of Journal of Finance, an academic expert for the U.S. Commodity Futures Trading Commission (CFTC) and the Bank for International Settlements (BIS), and a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets. He holds a BA in Mathematics and Computer Science from the University of Oxford and a PhD in Finance from Stanford University Graduate School of Business.