欧元区货币政策冲击的产出效应研究——基于金融加速器的视角  

Output Effects of EMU Monetary Shocks — from the View of Financial Accelerator

作　　者：孙亮[1,2] 

机构地区：[1]上海证券交易所博士后工作站,200135 [2]复旦大学博士后流动站,200433

出　　处：《上海经济研究》2014年第3期26-38,共13页Shanghai Journal of Economics

摘　　要：与国内大部分文献专注于货币政策的计量研究不同,本文首次尝试以AWM指标库为数据源,严格遵循实证经济学"演绎到归纳"的统一逻辑分析欧元区货币政策冲击对宏观产出的影响程度。具体是以"金融加速器"为数理经济学基础揭示从"货币"到"产出"的内在理论传导机制,再将其嵌入DSGE模型并实现对产出放大效应精度的较好拟合,其适用性要优于传统的VAR模型分析。Unlike most of the domestic literature focused on the econometric measurement of monetary policy, this paper attempts to use the AWM Database as the data source, and is strictly consistent with the methodology of positive economics to analyze the output effects of EMU monetary policy shocks. By means of the method above, the thesis not only introduces the financial accelerator effect as a theoretical basis, but also embeds such core mechanism into a dynamic stochastic general equilibrium model （DSGE） to simulate effects of policy shocks, performing better compared with results conducted b,~ the traditional VAR model.

关 键 词：欧元区货币政策冲击 金融加速器 DSGE模型 

分 类 号：F831.0[经济管理—金融学]