金融摩擦对经济波动的影响研究——基于金融加速器理论视角  

The Impact of Financial Friction on Economic Fluctuation:From the Perspective of Financial Accelerator Theory

作　　者：王欢[1] 邢天才[1] WANG Huan;XING Tiancai(School of Finance,Dongbei University of Finance and Economics,Dalian,116025,China)

机构地区：[1]东北财经大学金融学院,辽宁大连116025

出　　处：《经济与管理》2021年第2期54-61,共8页Economy and Management

摘　　要：金融加速器理论作为金融周期理论的一个分支,研究其基本特征、传导机理和对经济的作用机制,能够为当前我国平抑市场波动,促进经济发展提供研究依据和实践参考。通过构建基于动态随机一般均衡的闭合经济周期模型,涵盖企业与银行、家庭与银行之间的信贷摩擦,引入外生冲击,将技术冲击定义为需求端冲击,将储蓄溢价冲击定义为供给端冲击,发现经济波动对需求端冲击更显著。面对新冠肺炎疫情冲击,依据金融加速器理论提出设立扶贫基金、不盲目抽贷、定向降准等建议。As a branch of financial cycle theory,financial accelerator theory studies the basic characteristics,transmission mechanism,and economic mechanism,which can provide a research basis and practical reference for China to stabilize market fluctuations and promote economic development.By constructing a closed business cycle model based on dynamic stochastic general equilibrium,this paper covers the credit friction between enterprises and banks,households and banks,introduces exogenous shocks,defines technical shocks as demand-side shocks,and defines savings premium shocks as supply-side shocks.It is found that economic fluctuations have a more significant impact on demand-side shocks.In the face of the impact of the novel coronavirus pneumonia,based on the theory of financial accelerators,suggestions were made to establish poverty alleviation funds,not to draw loans blindly,and to reduce the RRR.

关 键 词：金融加速器 金融摩擦 经济波动 

分 类 号：F832[经济管理—金融学]