货币政策的数量型工具与价格型工具的调控绩效比较——来自动态随机一般均衡模型的证据  

Comparison between Quantity Instrument and Price Instrument in the Performance of Macroeconomic Control

作　　者：马文涛[1] 

机构地区：[1]西安交通大学经济与金融学院

出　　处：《数量经济技术经济研究》2011年第10期92-110,133,共20页Journal of Quantitative & Technological Economics

基　　金：国家社科基金重点项目"我国金融监管的制度框架;制衡机制与绩效评价研究"(09AZD020)的资助

摘　　要：本文基于我国经济发展现实,构建了包含金融加速器、工资调整粘性以及消费惯性的新凯恩斯动态随机一般均衡模型,从货币政策的冲击效应、非政策冲击下宏观经济波动幅度以及中央银行损失函数等三个方面对比了不同货币工具的调控绩效,研究显示,价格型工具的调控绩效优于数量型工具,而稳健性分析也对此提供了进一步证明。因此,中央银行应积极地运用利率工具以更有效控制通货膨胀和实际产出波动,维护宏观经济稳定。On the basis of economic development in China, we construct New- Keynesian dynamic stochastic general equilibrium model imbedding financial accelerator, sticky wage adjustment and consumption externality. In the view of adjustment of monetary policy, macro-economic fluctuation under non-monetary policy shocks and loss function of central bank, we compare and analyze the performance of adjustment of different monetary policy instruments. The results show that price instrument is better than quantity instrument, and robust test lends supports to the results further. Therefore, central bank should aggressively use the instrument of interest rate to control inflation and output fluctuation, and stabilize the macroeconomy.

关 键 词：货币政策工具 DSGE模型 调控绩效 

分 类 号：F820[经济管理—财政学]