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 a research fellow at Dyson School of Applied Economics, Cornell University, Ithaca, NY 14853, USA. Their research focuses on data analytics, with over 67 publications in peer-reviewed journals.
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Yiping Huang
National School of Development, Peking University, Beijing 100871, China
Yiping Huang is a senior researcher at National School of Development, Peking University, Beijing 100871, China. Their research focuses on computational science, with over 64 publications in peer-reviewed journals.
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Michael Kumhof
Research Hub, Bank of England, London EC2R 8AH, UK
Michael Kumhof is a professor at Research Hub, Bank of England, London EC2R 8AH, UK. Their research focuses on machine learning, with over 55 publications in peer-reviewed journals.
