中国金融可计算一般均衡模型及其在存款准备金政策研究中的应用  

The Financial Computable General Equilibrium Model of China and Its Application in Deposit Reserve Policy

作　　者：王会芳[1] 鲍勤[1] 徐山鹰[1] 

机构地区：[1]中国科学院数学与系统科学研究院,北京100190

出　　处：《管理评论》2013年第8期3-9,20,共8页Management Review

基　　金：中国科学院重要方向性项目(KACX1-YW-0906);国家自然科学基金项目(71171186)

摘　　要：本文在实体经济可计算一般均衡模型基础上,引入金融模块以刻画实体经济与金融部门之间的关联以及各种金融资产的优化配置,构建了中国金融可计算一般均衡模型,其中包括通货、存款、贷款、证券等24种金融资产,以及住户、非金融企业、央行、存款货币机构、政府、国外等6部门。进而基于所构建的模型对于我国货币政策操作进行模拟,分别针对存款准备金率上调0.1%、0.5%、1%、2%和下调0.1%、0.5%、1%、2%等8种不同情景,模拟并分析了央行的存款准备金政策调整对于我国广义货币量、宏观经济以及细分行业产出的影响。Based on the real economic computable general equilibrium model, a financial computable general equilibrium model of China is built. A finance module is added which includes the relationship between the real economy and financial sectors as well as optimal allocations of financial assets. The model includes 24 different types of financial assets and 6 economic sectors. Monetary policy simulations in deposit reserve are carried out based on the proposed model. Eight scenarios for deposit reserve ratio are set （upwarding the deposit reserve ratio of 0.1%, 0.5%, 1%, 2% and cutting down the deposit reserve ratio of 0.1%, 0.5%, 1%, 2%, respectively） and simulated. The impacts of deposit reserve policy on China＇ s M2, macro economy and sectoral outputs are analyzed.

关 键 词：金融可计算一般均衡模型 货币政策 存款准备金率 M2 宏观经济影响 

分 类 号：F830[经济管理—金融学] F224