经济波动、超额准备金率和内生货币——基于信贷市场资金搜寻和匹配视角  

Economic Fluctuation,Exceed Reserve and Endogenous Money:A Searching and Matching Perspective

作　　者：黄志刚[1] 

机构地区：[1]中央财经大学金融学院

出　　处：《经济学（季刊）》2012年第2期909-942,共34页China Economic Quarterly

基　　金："中央财经大学211工程三期科研基金项目";"中央财经大学青年科研创新团队";教育部人文社会科学重点研究基地重大项目"中国金融发展中的创新与监管问题研究"(10JJD790011)资助

摘　　要：本文基于信贷市场资金和项目的搜寻与匹配视角建立了一个内生货币模型,分析经济波动和货币政策对超额准备金率和货币乘数的影响。比较静态分析发现,超额准备金率具有逆周期特征;其变化有减弱法定准备金率和基础货币政策效果的作用。动态分析发现,超额准备金率具有滞后周期特征;超额准备金率的内生变化会带来货币政策的时滞效应。通过中国数据校准参数后的模拟发现,较高惰性的法定准备金率调整政策不仅不能有效抚平信贷市场波动,反而可能是造成信贷市场不稳定的原因。对中国数据的实证分析表明,超额准备金率的上述特征都具有很好的统计显著性。The paper sets up an endogenous money model with searching and matching credit markets to analyze the determinants of exceed reserve rate and money multiplier.The static analysis shows that exceed reserve rate is counter-cycle,and it has a counteract effect to the reserve-rate-in-law policy and the money base policy.The dynamic simulation shows that exceed reserve rate is lag cycles,and makes monetary polices possess lag effects.Further,calibrated by the China data,the model demonstrates that a high sticky reserve-rate-in-law policy not only cannot eliminate credit market＇s fluctuations,but also might be a reason to raise these fluctuations.The above characteristics of exceed reserve rate is verified by the China data through empirical analysis.

关 键 词：超额准备金率 内生货币 匹配函数 

分 类 号：F124.8[经济管理—世界经济] F822.0F832.4F224