在央行数字货币、稳定币和狭义银行新世界中的货币政策实施指南

The source author published a guide to the implementation of monetary policy in the new world of the central bank, digital currency's stable currency and narrow banks in June. This paper tries to discuss the transmission influence of the structural evolution of financial markets on the implementation of monetary policy under the background of new policy tools, technological progress and regulatory development. On the basis of previous studies, the author has established a monetary policy that can analyze the regulatory development and monetary politics of banks and non-banking sectors from the perspective of monetary theory and monetary policy. The quantitative framework between policy implementation describes a set of interrelated supply and demand curves of all financial instruments in the financial market competition model, and considers the portfolio allocation cost and balance sheet cost of financial intermediaries. In addition, the influence of the central bank, including retail and wholesale, the digital currency stable currency and the deposits provided by narrow banks, and how these structural changes will affect interest rates and the size and structure of the balance sheet are discussed. The introduction of new fixed-rate assets by intermediaries will have a great impact on the equilibrium interest rate and the financial intermediation model, and may also affect the effectiveness of monetary policy tools. When the new financial assets are approximate substitutes for the existing financial assets, these effects are most obvious. The benchmark model based on the equal-year benchmark model involves many departments, including family banks, non-banks enterprises, governments and foreign departments. The model proposed in this paper follows Tobin's idea and deduces the investment of various departments based on a simple portfolio optimization framework. The key element of this framework is portfolio habit, which defines the benchmark target of households and financial intermediaries, the distribution of assets and liabilities. Households and financial intermediaries can deviate from the customary distribution of these portfolios, but doing so will generate portfolio costs, in addition to the cost of portfolio composition, financial intermediaries will also face the cost chart of expanding the balance sheet size, and the financial market structure in the benchmark model. The equilibrium interest rate described in this paper can be simplified into two aspects, one is description and loan. Another description of the combination of loan interest rate and national debt interest rate is the combination of loan interest rate and national debt interest rate that is consistent with the national debt market equilibrium. As shown by the orange line on the left, the loan market equilibrium curve is inclined upward. Under other conditions unchanged, the higher the treasury bill rate means, the higher the loan interest rate must be. Intermediaries are willing to provide any given amount of loans. The green line of the national debt market equilibrium curve is generally inclined downward, and the loan interest is lower under other conditions unchanged. The interest rate will lead to more loans in the loan market, which requires higher interest rate of government bonds to attract additional funds needed to clean up the government bond market, and the equilibrium interest rate of deposits and non-bank debts can also be shown by the orange line on the right side of the figure under the assumption of the benchmark model. The spread between the deposit interest rate and the non-bank debt interest rate reflects the gap between the reserve management interest rate and other Fed debt management interest rates, and also reflects the relative demand of households for deposits and non-bank debts. The capital market equilibrium relationship is shown in the figure. The green line in the middle describes the balance between the desire of households to invest in deposits and non-bank debts and the supply of deposits and non-bank debts provided by banks and non-banks. The position of this curve is strongly influenced by the weighted average return on assets of banks and non-banks and the interest rate of assets competing with deposits and non-bank debts in the family portfolio. In addition, the balance in the benchmark model is largely determined by the assumption that families have relatively strong habitual family preferences for the financial assets they want to hold. The relative scale of financial intermediaries, especially the balance sheets of banks, non-banks and the Federal Reserve, is mainly driven by the relative demand scale of households for deposits, non-bank debts and physical currency, which largely reflects the habits of these departments. The first variant considers the three benchmark model variants of the central bank, digital currency stable currency and narrow bank. The first variant considers the retail and wholesale central bank, digital currency. In this model, only families can. Invest in digital currency, the retail central bank, while banks and non-bank financial institutions can invest in digital currency, the wholesale central bank. The second variant is to introduce the so-called stable currency into the model. The stable currency is issued by non-bank institutions in a narrow sense and only held by households. The third variant considers the role of the so-called narrow bank, that is, issuing deposits and holding assets only in the form of reserves. For example, the figure shows the substitution effect of introducing a new interest-bearing asset on household deposit demand. The left part shows the most. The initial household deposit curve is an upward sloping deposit interest rate plotted on the vertical axis. When the deposit interest rate is equal to the reference interest rate of the portfolio, the household demand for deposits is just equal to the customary level of deposits. The right part shows the hypothetical influence of introducing a new interest-bearing asset on the deposit curve. If the new financial asset attracts the customary demand level at the expense of deposits, the new customary deposit level will drop as shown by the movement of the black line to the green line. If the new financial asset has an interest-bearing portfolio, The base interest rate will also change. The diagram shows the impact when the reference interest rate of the portfolio rises from the green line to the red line. Finally, according to the author's assumption that the habit deviates from the cost, the slope of the deposit line will become steeper if the deposit habit level drops. The rotation from the red line to the blue line shows this point. All these types of substitution effects play an important role in the model. The diagram shows the impact of introducing new financial assets. Specifically, the article thinks that the central bank digital currency is a new financial asset and has a negative impact on the base. The first variant of quasi-model is studied. digital currency, the central bank of retail and wholesale, is a new financial asset, which is only held by families. The Federal Reserve also has corresponding new liabilities. It is assumed that families have a habit similar to that of other financial assets, and a new Federal Reserve debt management interest rate is needed to introduce into the model. The article assumes that the interest rate is zero to match the assumed interest rate of physical currency, and assumes that the right habit is completely at the expense of physical currency at first. Similarly, the interest rate assumed in this paper is set at the same level as the reserves held by financial intermediaries or other Fed liabilities. The research results show that all interest rates managed by the Fed, nominal interest rates of physical money, retail central bank digital currency reserves other Fed liabilities, interest rates of wholesale central bank digital currency and the equal increase of balanced loan interest rates lead to the one-to-one transmission of all market interest rates. In this case, all spreads are not affected, so all spreads are not affected by this change. The equilibrium in the extended model depends to a large extent on the change of habits of families and financial intermediaries. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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