数字经济弱化了货币政策效果吗——基于价格粘性视角  

Does the Digital Economy Reduce the Effect of Monetary Policy?——From the View of Sticky-price

作　　者：彭安兴 胡春田 陈晓东 Peng Anxing;Hu Chuntian;Chen Xiaodong

机构地区：[1]西安交通大学

出　　处：《财经科学》2021年第10期15-30,共16页Finance & Economics

基　　金：国家社会科学基金项目“最优财政支出规模与结构的理论分析及基于中国数据的实证研究”(18BJL031)。

摘　　要：中国数字经济发展走在世界前列,货币政策能否继续发挥预期效果值得深思。本文将数字经济比重引入NK-DSGE模型,从价格粘性视角,研究数字经济对货币政策效果的影响。研究结论为:数字经济相比于传统经济,商品价格粘性不显著,动摇了货币政策非中性的微观基础;数字经济弱化了货币政策效果,既降低了增长效应的社会福利,又加剧了通胀效应的社会成本;新冠肺炎疫情期间,中国稳健的货币政策相对于美国极度宽松的货币政策,更加符合数字经济深度发展的现实。数字经济环境下,相比于促进增长的目标,货币政策应该更多关注币值稳定,此外,宽松的货币政策应配合财政政策引流并加强托宾Q的传导效应。China is a global leader in the digital economy.This paper introduces the weight of the digital economy into the NK-DSGE model,to analyze how the digital economy affects the monetary policy effect from the view of stickyprice.The price stickiness is weak in the digital economy,which influences the non-neutrality of the monetary policy.The digital economy reduces the influence of monetary policy by decreasing the welfare of growth effect and increasing the cost of inflation effect.Compared with the super easy-monetary policy in the USA,China’s prudent monetary policy is more appropriate for the digital economy during the COVID-19 pandemic.In this rapidly developing digital economy,the government should pay more attention to currency stability instead of growth promotion.Monetary policy should coordinate with the fiscal policy and enhance the Tobin Q effect.

关 键 词：数字经济 货币政策 价格粘性 

分 类 号：F820.1[经济管理—财政学]