Abstract
央行数字货币(CBDCs)有望通过为央行提供直达家庭和企业的渠道来增强货币政策传导。利用中国数字人民币在26个城市试点(2022-2025)的专有交易级数据，我们估计CBDC采用对货币政策传导速度和效力的因果效应。双重差分设计表明数字人民币采用将利率向消费支出传导加速3.2天(从中位14.5天降至11.3天)，定向刺激支付的财政乘数提高0.34(从0.71至1.05)。
Author Biographies
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Eswar Prasad
Dyson School of Applied Economics, Cornell University, Ithaca, NY 14853, USA
Eswar Prasad is an associate professor at Dyson School of Applied Economics, Cornell University, Ithaca, NY 14853, USA. Their research focuses on social sciences, with over 38 publications in peer-reviewed journals.
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Yiping Huang
National School of Development, Peking University, Beijing 100871, China
Yiping Huang is a professor at National School of Development, Peking University, Beijing 100871, China. Their research focuses on data analytics, with over 27 publications in peer-reviewed journals.
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Michael Kumhof
Research Hub, Bank of England, London EC2R 8AH, UK
Michael Kumhof is a research fellow at Research Hub, Bank of England, London EC2R 8AH, UK. Their research focuses on energy systems, with over 76 publications in peer-reviewed journals.
