Economic uncertainty,central bank digital currency,and negative interest rate policy

作     者：Baogui Xin Kai Jiang 

作者机构：College of Economics and ManagementShandong University of Science and TechnologyQingdao266590China 

出 版 物：《Journal of Management Science and Engineering》 (管理科学学报（英文版）)

年 卷 期：2023年第8卷第4期

页      面：430-452页

核心收录：

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 

基　　金：the National Planning Office of Philosophy and Social Science of China(Grant No.21BJY206) 

主　　题：Economic uncertainty Zero lower bound(ZLB) Central bank digital currency(CBDC) Negative interest rate policy(NIRP) 

摘      要：The covID-19 outbreak has brought unprecedented social attention to economic uncertainty and negative interest rate policy(NIRP).How does uncertainty affect economic activity,and how effective is a NIRP based on central bank digital currency(CBDC)?To answer the two questions,we constructed a dynamic stochastic general equilibrium(DSGE)model that accommodates sticky prices and *** results indicated:(i)Economic uncertainty has substantially reduced investment,output,wage,and loans,which increases unemployment *** the short term,it has triggered impulsive consumption by households,while consumption has fallen into a slump in the long run.(ii)After suffering an uncertainty shock,the economy entered short-term stagflation and long-term *** short-term stagflation was mainly caused by resident wage adjustment,and the long-term deflation was due to the decline in effective demand caused by unemployment risk.(ii)CBDC could eliminate the zero lower bound(ZLB)constraint,thereby improving the effectiveness of *** with traditional currency,CBDCbased NIRP could more effectively smooth macroeconomic fluctuations and alleviate the negative impact of an uncertainty shock,which is more conducive to restoring market confidence and promoting economic recovery.