摘要
伴随着中国经济不断增长，中关经贸和金融关系相互依存的同时，摩擦也日益频繁，因此。比较研究中关大国货币政策双向溢出效应显得必要而迫切。本文通过构建两国DSGE模型．嵌入一价定律缺口与资本不完全流动条件。对中关大国货币政策双向溢出效应的方向与程度进行了比较研究。数值模拟结果显示：第一，中关货币政策确实存在双向的溢出效应，但具有不对称性；第二，中关两国数量型货币政策的溢出影响程度皆要强于其价格型货币政策：第三．美国货币政策对中国部分经济变量的溢出影响程度甚至要强于对美国本国经济变量的政策效果．而中国货币政策效应仍以惠及本国经济为主。
Along with the strong economic aggregate of China, the economic and financial relations between China and US are interdependent and frictions are becoming more frequent. Therefore, it is necessary to compare the two-way spillover effect of the monetary policy of the big countries. This paper presents a two-country DSGE model with the law of one price gap and the imperfect capital mobility, in which we study comparatively the direction and extent of the bidirectional spillover effect of monetary policy between China and US. The results of numerical modeling suggest： Firstly, there actually exist the bidirectional spillover effect of monetary policy between China and US, but asymmetry. Secondly, the spillover effect of quan- titative monetary policy is more strongly than price-based monetary policy for either China or the United States. Thirdly, U.S. monetary policy has spillover effect on part of China＇s economic variables, which is even greater than its effect on U.S. eco- nomic variables, meanwhile China＇s monetary policy still mainly affects its own economy.
出处
《国际金融研究》
CSSCI
北大核心
2018年第11期14-24,共11页
Studies of International Finance
基金
国家社会科学基金青年项目“中美大国货币政策溢出效应、博弈与协调研究”(17CJY064)
国家社会科学基金项目“研究阐释党的十九大精神国家社科基金专项立项课题”(18VSJ045)资助
