金融经济周期理论研究综述与展望  

A Review of the Study on the Financial Business Cycle Theory and Its Prospect

作　　者：赵米芸 余力[1] 张慧芳[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《财经论丛》2017年第5期48-59,共12页Collected Essays on Finance and Economics

基　　金：国家社科基金资助项目(12BJY003);西安市软科学资助项目(SF1501(1))

摘　　要：金融经济周期理论的核心因素是金融摩擦和金融冲击,金融中介在其中扮演着越来越重要的角色,基于微观经济主体资产负债表项目的冲击传播机制不断被丰富。该理论将金融中介作为单独模块直接植入动态随机一般均衡模型,撩开货币与金融的面纱,从微观层面切入对宏观经济波动现象进行了全新的阐释。本文按照"演进脉络—核心内容—拓展应用"这一逻辑思路对金融经济周期相关文献进行梳理总结,并揭示未来研究的着力点:厘清特定周期阶段和平均周期当中金融因素的影响效应;引入异质性的金融体系,构建逻辑结构一致的内生金融经济周期模型框架;注重宏观审慎框架下的金融监管,重点关注房地产市场价格泡沫。The core factors of the financial business cycle theory are financial frictions and financial shocks, with finan- cial intermediaries playing a more and more important role. The shocks transmission mechanism based on the balance sheet have been continuously enriched. This theory embeds the financial intermediation as a separate module into the dynamic stochastic general equilibrium model, puts aside the veil of the currency and finance, and gives a brand-new interpretation of macroeconomic fluctuations on the micro-level. This paper applies the logical approach of ＂course of evolution--core content--expansion application＂ to summarize the literature on the financial business cycle theory and reveal the focus of future research： clarifying the specific cycle phase and the effect of the financial factors of average period ; introducing a heterogeneous financial system to build a consistent logical structure of the endogenous financial business cycle model framework ; paying attention to the macro-prudential framework of financial regulation and focusing on the real estate market price bubble. K

关 键 词：金融经济周期 金融摩擦 金融中介 DSGE 

分 类 号：F830[经济管理—金融学]