Research on Impact of Digital Currency Development on Transmission Mechanism of Monetary Policy

Driven by the global wave of financial technology, digital currencies represented by central bank digital currencies are moving from theoretical concepts to practical explorations, indicating a potential paradigm shift in the global monetary system. This shift poses a fundamental challenge to the core of modern macroeconomic regulation. In this context, this study focuses on central bank digital currencies (CBDCs) and systematically deconstructs how they trigger nonlinear changes in the transmis