Bank Market Power and Central Bank Digital Currency: A Case of Imperfect Substitution

摘要：This paper studies the effect of a central bank digital currency (CBDC) on bank intermediation when the CBDC is an imperfect substitute for bank deposits in payments and the deposit market is imperfectly competitive. We show that a CBDC can promote bank intermediation and output if the CBDC rate is in some intermediate range. A CBDC that is a better substitute has larger positive effects. It can raise lending and output by more, starts to increase lending and output at a lower interest rate and promotes intermediation and output for a wider range of interest rates. Therefore, to better reap the benefit of a CBDC, it should be designed as a close substitute to bank deposits.

报告时间：2024年12月20日，下午2:00        

线下地点：yl23455永利6-210会议室

主办单位：yl23455永利数量经济研究中心、yl23455永利

协办单位：《财经论丛》编辑部

主讲人简介：龚勋，现任浙江大学yl23455永利金融系助理教授（百人计划研究员）以及金融研究院和中国数字经济研究中心研究员，博士毕业于美国威斯康星大学麦迪逊分校，主要研究方向包括宏观经济学、货币经济学、搜寻匹配理论和市场微观结构，研究成果发表于International Economic Review，担任多个经济学国际知名期刊审稿人。