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| 研究生： |
廖晏德 Liao, Yen-Te |
|---|---|
| 論文名稱： |
中央銀行數位貨幣之動態隨機一般均衡分析 A Dynamic Stochastic General Equilibrium Model of Central Bank Digital Currency |
| 指導教授： |
朱琇妍
Chu, Shiou-Yen 潘振宇 Pan, Chen-Yu |
| 口試委員: |
朱琇妍
Chu, Shiou-Yen 潘振宇 Pan, Chen-Yu 周有熙 Chou, Yu-Hsi |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 國際經營與貿易學系 Department of International Business |
| 論文出版年： | 2025 |
| 畢業學年度： | 113 |
| 語文別： | 英文 |
| 論文頁數： | 70 |
| 中文關鍵詞： | 中央銀行數位貨幣 、動態隨機一般均衡 、異質性家計單位 、商業銀行 、獨佔性競爭 |
| 外文關鍵詞： | Central bank digital currency, Dynamic stochastic general equilibrium, Heterogeneous households, Commercial bank, Monopolistic competition |
| 相關次數： | 點閱：64 下載：40 |
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本研究建立一個包含異質性家計單位、房屋市場及銀行獨佔性競爭的動態隨機一般均衡(DSGE)模型，探討中央銀行數位貨幣(CBDC)帶來的總體經濟影響，並提出三個主要研究結果。首先，CBDC對儲蓄者與借款者而言具有不同的功能，儲蓄者將其視為資產，而借款者則利用其提升支付流動性以增加消費。其次，在固定的房屋供給下，CBDC偏好衝擊主要影響儲蓄者的投資決策，而借款人則是根據房價波動調整房屋消費。最後，因爲在獨佔性競爭環境下，商業銀行擁有能設定存款與放款利率的定價能力，故CBDC並不會排擠商業銀行放款，反而可以提升流動性並有利放貸，顯示CBDC與商業銀行能在不破壞借貸市場穩定的情況下共存。
This study examines the macroeconomic consequences of Central Bank Digital Currency (CBDC) using a Dynamic Stochastic General Equilibrium (DSGE) model with heterogeneous households, a housing market, and monopolistic competition in banking. Our findings highlight three key insights. First, CBDC serve distinct roles for savers and borrowers: savers treat them as assets, while borrowers use them to enhance liquidity for consumption. Second, with a fixed housing supply, the CBDC preference shock primarily influences savers' investment decisions, whereas borrowers adjust housing consumption based on price fluctuations. Third, CBDC do not crowd out bank credit. Instead, they can enhance liquidity and even support lending, as commercial banks retain pricing power to adjust deposit and lending rates under monopolistic competition, indicating that CBDC and commercial banks can coexist without disrupting credit markets.
Abstract i
摘要 ii
Contents iii
List of Figures v
List of Tables vi
1 Introduction 1
2 Literature Review 7
2.1 Potential Negative Impacts of CBDCs 7
2.2 Potential Positive Impacts of CBDCs 9
3 Model 12
3.1 Households 13
3.1.1 Savers 13
3.1.2 Borrowers 16
3.1.3 Loan Demand and Deposit Demand 17
3.2 Commercial Banks 19
3.2.1 Wholesale Branch 19
3.2.2 Loan Branch 20
3.2.3 Deposit Branch 21
3.3 Firms 22
3.3.1 Retail Firms 22
3.3.2 Intermediate Good Firms 23
3.4 Equilibrium 25
3.5 Shocks 25
4 Calibration 27
4.1 Calibrated Parameters 27
4.2 Steady-State Values 30
5 Results 32
5.1 Productivity Shock 32
5.2 Policy Interest Rate Shock 35
5.3 Loan to Value Shock 37
5.4 CBDC Preference Shock 40
5.5 Summary of Results 42
6 Conclusion 43
A Appendix: Detail Calculations 46
A.1 Households 46
A.1.1 Savers 46
A.1.2 Borrowers 51
A.2 Commercial Banks 55
A.3 Firms 59
A.3.1 Retail Firms 59
A.3.2 Intermediate Goods Firm 60
Reference 68
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