摘要
传统货币政策效应的研究以代表性厂商假设为基础,忽视了企业之间内生互动产生的网络对最终效果的影响。本文以担保圈为例,基于企业之间内生互动的网络视角研究货币政策对实体经济的影响。结果发现,货币政策对处在担保圈内的企业影响更大,表明内生互动会放大货币政策的效果。内生互动强化货币政策效果主要集中在那些有高风险企业参与的担保圈当中。企业在担保圈中的节点位置越重要,货币政策对担保圈内企业投资的影响越强。担保圈内公司具有时变特征的传染效应以及更强的顺周期杠杆特征是内生互动强化货币政策效果的传导渠道。本文的研究结果表明,在货币政策传导过程中,微观主体内生互动产生的网络扮演了不可忽视的角色。货币政策的实施应当充分考虑所在地区微观企业之间的内生互动问题,防止决策出现偏误。
Previous researches on effect of monetary policy are based on the hypothesis of representative firms, and neglect the effect of firms＇ network induced by their endogenous interaction on monetary policy＇s consequence. This paper surveys the effect of monetary policy from firms＇ network perceptive using the data of guarantee circle. Results show that monetary policy exerts more influence on firms in guarantee circle, which indicates that endogenous interaction can enlarge the effect of monetary policy on the real economy. The enlargement effect of endogenous interaction is pronounced in networks with highly risky firms. When firms are located in more important nodes, their investment will be more affected by monetary policy. And the amplification effect of guarantee circle comes from time-varying contagion effect and cyclical firm leverage. Our results indicate that in the process of monetary policy transmission, endogenous interaction of firms plays an important part. Monetary policy practice should consider the endogenous interaction among firms to avoid the policy misuse.
出处
《经济研究》
CSSCI
北大核心
2016年第5期159-171,共13页
Economic Research Journal
基金
"泰山学者专项工程"经费资助
国家社科基金重大招标项目(12&ZD069)
国家自然科学基金项目(71272119)的阶段性成果
关键词
内生互动
货币政策
担保圈
Endogenous Interaction
Monetary Policy
Guarantee Circle
