摘要
本文通过构建带金融加速器的DSGE模型,分析了资产价格和信贷约束下货币政策对投资、消费、产出和价格的冲击,同时比较了不同金融加速器效应下货币政策冲击的强度。本文认为,资产价格和信贷约束所形成的金融加速器具有放大外生冲击的顺周期性;约束越强或资产价格波动越剧烈,金融加速器效应就越强,放大效果也越明显。货币政策对资产价格应作出适度反应,以降低房地产市场的波动。研究发现:资产价格波动与经济周期波动密切相关,基于逆周期调控的宏观审慎货币政策监管框架是可行的政策选择。这对于我国在新时代背景下资产价格稳定、"去杠杆化"以及宏观审慎货币政策调控具有一定的借鉴意义。
This article analyzes the impact of monetary policy on investment, consumption, output and price by constructing DSGE model with financial accelerator, and at the same time, compares the strength of monetary policy impact under different finan- cial accelerator effects. The main conclusions of this paper are： the financial accelerator which is formed by asset price and credit constraint has the procyclicality of amplification of exogenous shocks; the stronger the constraint or the more volatile the asset price, the stronger the financial accelerator effect, and the more obvious the amplification effect; monetary policy should respond moderately to asset prices to reduce volatility in the housing market. It is found that asset price volatility is closely related to economic cycle volatility, and the macro-prudential monetary policy regulatory framework based on counter-cyclical regulation is a feasible policy choice. This is of great significance for the stability of asset price, deleveraging and macro-prudential monetary policy control under the background of the new era of our country.
出处
《企业经济》
CSSCI
北大核心
2018年第7期157-164,共8页
Enterprise Economy
基金
国家社科基金项目"利率市场化下商业银行产权结构对资金配置效率影响研究"(项目编号:16XJY020)
教育部人文社科项目"资产价格波动与通货膨胀预期管理问题研究--基于DSGE模型的货币政策理论与实证"(项目编号:11XJC790009)
陕西省社科基金项目"人口老龄化对陕西经济持久性影响"(项目编号:13D170)
陕西省软科学项目"人口老龄化和碳排放双重约束下陕西经济发展与结构转型路径研究--一个OLG模型视角的分析"(项目编号:2015KRM007)
