主題：Negative Interest Rates on Central Bank Digital Currency

主講嘉賓：賈鵬飛，南京大學商學院副教授

時間：2024年12月13日（周五）上午10:00

地點：伟德平台怎么样沙河校區學院樓13号樓321

主持人：鐘騰龍副教授

評論人：楊補園助理教授

主辦：伟德平台怎么样、北京高校國際商務專業虛拟教研室

内容簡介：

Paying negative interest rates on central bank digital currency (CBDC) becomes increasingly relevant to monetary operations, since several major central banks have been actively exploring both negative interest rate policy and CBDC after the Great Recession. This paper provides a formal analysis to evaluate the macroeconomic impact of negative interest rates on CBDC through the lens of a neoclassical general equilibrium model with monetary aggregates. In the benchmark model, agents have access to two types of assets: CBDC and productive capital. The demand for digital currency is motivated by a liquidity constraint. I show that paying negative interest on CBDC induces agents to save less and consume more via a substitution effect. A drop in savings in turn causes a fall in capital investment, subsequent output, and real money balances. To clear the money market, the price level increases. I then extend the model to include government bonds which deliver a positive return. This allows me to study a non-trivial portfolio effect: when the government pays a negative interest rate on CBDC, the tax on agents' capital spending increases, inducing a decrease in capital investment and an increase in government bonds in agents' portfolio. Such a policy causes a drop in investment and output. However, there is a transitory decline in the price level due to a "flight to quality".

主講人簡介：

賈鵬飛，現任南京大學商學院經濟學系副教授，英國曼徹斯特大學經濟學博士，英國高等教育研究院副研究員。曾在國際清算銀行貨币經濟研究部做短期研究工作。主要研究領域為宏觀經濟學，貨币經濟學，央行數字貨币，宏觀審慎政策，财政政策，以及國際金融。研究成果發表在European Economic Review、Macroeconomic Dynamics、Journal of Macroeconomics、B.E. Journal of Macroeconomics、Economics Letters、《經濟研究》、《數量經濟技術經濟研究》、《财貿經濟》、《中國軟科學》、《中國社會科學内部文稿》等國内外學術期刊，論文被《高等學校文科學術文摘》、人大複印報刊資料全文轉載。主持和參與多項國家自然科學基金和國家社會科學基金項目。研究成果獲教育部第九屆高等學校科學研究優秀成果獎（人文社會科學）二等獎，吉林省第十三屆社會科學優秀成果獎一等獎，江蘇省第十七屆哲學社會科學優秀成果獎二等獎，第六屆洪銀興經濟學獎。