高储蓄率、货币供给规则与宏观经济的稳定性  

High Savings Rate, Money Supply Rule and Macroeconomic Stability

作　　者：王博[1] 郭廓[1] 马君潞[1] 

机构地区：[1]南开大学经济学院,邮政编码300071

出　　处：《经济研究》2013年第5期4-16,60,共14页Economic Research Journal

基　　金：教育部重大攻关项目(09JZD0016);教育部重点研究基地重大项目(2009JJD790027);教育部人文社科青年项目(11YJC790171)的资助

摘　　要：本文将一个适用于我国转型时期的货币供给反馈规则引入代际交叠模型,得到了关于储蓄率、通胀率和货币政策参数三者关系的新洞见:储蓄率与央行设定的货币供给反应弹性的不同组合对经济系统的稳定性具有不同的影响,藉此得到"一张"关于储蓄率和央行货币供给最优参数的"列表"。文章从经济系统稳定性的角度,得出通过间接提高代表性行为人的贴现率,同时辅以货币政策参数微调,可以提升宏观经济稳定性的结论。In this paper, we investigate the relationship among savings rates, inflation rates and money policy parameters through an overlapping-generation model including a money supply reaction rule that is compatible with China＇s transitional reforming period. We find that different combinations of savings rate and reaction elasticity of monetary supply have different effects on macroeeonomic stability. Accordingly, we obtain a ＂list＂ of the optimal parameters of monetary supply rules. From the perspective of maeroeconomic stability, we conclude that China can enhance its macroeconomic stability by indirectly raising the representative agents＇ discount rate and fine-tuning monetary policy parameters.

关 键 词：高储蓄率 最优货币供给规则 代际交叠模型 

分 类 号：F123.16[经济管理—世界经济] F822.2F832.22