金融摩擦环境下非常规货币政策的“期限偏好”传导机制及福利损失  

An Analysis of “Preferred Habitat” Transmission Mechanism of Unconventional Monetary Policy in Financial Friction Environment

作　　者：王宏涛 王晓芳[2] WANG Hong-tao;WANG Xiao-fang(School of Economics and Management,Xi′an University of Posts and Communications,Xi′an 710068,China;School of Finance and Economics of Xi′an Jiaotong University,Xi′an 710061,China)

机构地区：[1]西安邮电大学经济与管理学院,西安710068 [2]西安交通大学经济与金融学院,西安710061

出　　处：《商业研究》2019年第1期98-107,共10页Commercial Research

基　　金：国家社科基金项目;项目编号:16XJY020;教育部人文社科一般项目;项目编号:11XJC790009;陕西省社科基金项目;项目编号:13D170;陕西省软科学项目;项目编号:2015KRM007

摘　　要：基于金融摩擦的市场环境,本文构建新凯恩斯DSGE模型以拓展泰勒规则分析大规模债券购买等非常规货币政策对债券利率期限结构的影响,观察外生冲击对长期和短期利率、储蓄、消费、总产出和通货膨胀的作用,并比较不同政策组合的福利损失。研究发现:债券购买会通过"期限偏好"渠道传导至总产出和价格;与单独使用常规货币政策相比,常规和非常规货币政策结合的最优货币政策,将明显降低福利损失;即使在非金融危机期间,央行的非常规货币政策对稳定总产出和通胀也有利,尤其在零利率附近作用更为明显;常规货币政策的通胀调节是对非常规货币政策总产出缺口反应的有益补充,相互配合可以降低福利损失。In the market environment of financial friction,this article builds a new Keynesian DSGE model to analyze the effect of unconventional monetary policies on the term structure of bond interest rate by expanding Taylor rule analysis of large-scale bond purchase,observe the effects of various exogenous shocks on long-term and short-term interest rates,savings consumption,output and inflation,and compare the welfare losses of different policy combinations.Research finds bond purchases are transmitted to total output and prices through the“term preference”channel;the optimal monetary policy combined with conventional and unconventional monetary policies will significantly reduce welfare losses compared with the use of conventional monetary policies alone;even if not during the financial crisis,the unconventional monetary policy of the central bank will be beneficial to stabilizing total output and inflation,especially near zero interest rates.The inflation adjustment of conventional monetary policy is a useful complement to the response of unconventional monetary policy to the total output gap,and the coordination can reduce welfare losses.

关 键 词：非常规货币政策 市场分割理论 金融摩擦 

分 类 号：F820.3[经济管理—财政学]