【摘要】 基于中国数字经济和法定数字货币实践的背景，该文构建了一个包含数字货币与数字经济的多部门动态随机一般均衡(DSGE)模型，通过模型设定和数值模拟揭示了数字人民币对消费韧性的影响结果与作用机理.在此基础上，该文利用2012—2022年中国297个城市的面板数据与中国数字人民币试点实践，对模型的理论结果进行验证.实证结果显示：数字人民币可以增加消费韧性，这一结论在考虑内生性问题与安慰剂检验等一系列稳健性检验后仍然成立.异质性分析结果表明数字人民币对消费韧性的提升作用在东部地区和外围城市上更加明显.更多还原

【Abstract】 Based on the background of China′s digital economy and legal digital currency practice, the multi-sector dynamic stochastic general equilibrium(DSGE) model including digital currency and digital economy is constructed.Through model setting and numerical simulation, the impact results and mechanism of digital RMB on consumption resilience are revealed.On this basis, the panel data of 297 cities in China from 2012 to 2022 and the pilot practice of China′s digital RMB are used to verify the theoretical results of the model.The empirical results show that digital RMB can increase consumption resilience, which is still true after considering a series of robustness tests such as endogenous problems and placebo test.The results of heterogeneity analysis show that the effect of digital RMB on consumption resilience is more obvious in the eastern region and peripheral cities.更多还原