货币交易速度微观影响机理的理论研究--基于居民消费-投资行为分析  

Theoretical Analysis on the Micro Influence Mechanism of Transaction Velocity of Money: Based on Consumption and Investment Behavior

作　　者：孙红霞[1] 陶江[2] 

机构地区：[1]山东财经大学 [2]南开大学经济学院财政系.

出　　处：《投资研究》2012年第8期96-110,共15页Review of Investment Studies

摘　　要：本文通过构建两阶段模型,深入分析了货币交易速度的运行规律及其微观影响机理。首先,模拟实体经济和虚拟经济情形下货币交易范式,从中寻求交易速度与货币支付之间的内在联系;尔后,采用动态规划理论推导居民最优消费、最优投资与货币支付、交易速度之间的函数关系;最后,运用数理分析方法,探寻居民风险偏好、主观贴现率、资产预期收益等变量对交易速度的作用机理,力图为货币交易速度理论奠定科学的微观基础。This paper constructs two stage models to analyze the law of velocity of money and its influence mechanism. First, it simulates the trading circumstances of resident in the real economy and virtual economy in order to seek the relationship be- tween velocity and spending of the money （the first stage model）. It employs dynamical programming method to deduce the ex- pression of the optimal consumption and optimal investment of residents with the view of investigating the relationship be- tween consumption, investment and velocity （the second stage model）. Finally, this paper uses mathematical method to solve in- fluence mechanism existed in which risk aversion, subjective rate of discount, assets expected earnings and fluctuations in views of laying the theoretical foundation of velocity.

关 键 词：货币交易速度 微观影响机理 动态优化 

分 类 号：F822[经济管理—财政学] F126.1F224