金融加速器、货币政策财政政策调控和宏观经济波动  

Financial Accelerator,Monetary and Fiscal Policy Adjustment,and Macroeconomic Fluctuation

作　　者：金祥义 JIN Xiangyi(School of Economics,Lanzhou University,Lanzhou 730000,China;School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000 [2]大连理工大学经济管理学院,辽宁大连116024

出　　处：《大连理工大学学报（社会科学版）》2022年第5期33-46,共14页Journal of Dalian University of Technology(Social Sciences)

基　　金：中央高校基本科研业务费专项资金“‘一带一路’倡议实施与企业创新绩效研究”(211zujbkydx027)。

摘　　要：从我国金融市场摩擦日益频繁、宏观政策调控趋于多样化的现实经济特点出发,围绕着金融加速器机制、货币政策和财政政策方案来展开系统的研究,通过构建包含金融加速器机制在内的宏观DSGE模型,总结开放经济环境下不同宏观政策的经济调控效果,以期甄选最适于当下经济发展的宏观政策方案。脉冲响应分析结果表明,金融加速器机制能够放大货币政策和财政政策对宏观经济的调控作用,这一作用随着金融加速器强度的上升而不断增强。此外,福利损失分析结果表明,相对于不同形式的财政政策冲击,货币政策冲击造成的福利损失水平最小,是维持宏观经济平稳运行的最佳政策选择;在汇率制度的选择方案上,相比于固定汇率制度,浮动汇率制度带来的福利损失水平更小,这意味着放开汇率制度管制、推进汇率自由浮动是我国未来汇率制度改革的最优路径。This paper starts from the real economic characteristics of the increasingly frequent frictions in China’s financial market and the diversification of macro-policy adjustment,and conducts a systematic research on financial accelerator mechanisms,monetary policies and fiscal policy schemes.By building the DSGE model,we summarize the adjustment effects of different macro policies in an open economic environment with a view to selecting the macro policy scheme that is most suitable for the current economic development.The results of the impulse response analysis show that the financial accelerator mechanism can amplify the macroeconomic adjustment effect of monetary and fiscal policies,and this effect has been continuously enhanced with the increase in the strength of the financial accelerator.In addition,the results of welfare loss analysis show that compared with different forms of fiscal policies,the level of welfare losses caused by the implementation of monetary policy is the smallest,and it is the best policy choice to maintain the stable development of the macro economy.Regarding the choice of exchange rate system,compared with the fixed exchange rate system,the floating exchange rate system brings about a smaller level of welfare loss,which indicates that deregulating the exchange rate and promoting the free floating of the exchange rate are the best paths for China’s future exchange rate system reform.

关 键 词：金融加速器 货币政策 财政政策 金融摩擦 汇率制度选择 

分 类 号：F822[经济管理—财政学] F830