绿色经济、资产泡沫与最优政策:基于带有多部门资产泡沫的动态一般均衡视角  

Green Economy,Asset Bubbles,and Optimal Policy:A Dynamic General Equilibrium Perspective with Multi-sector Asset Bubbles

作　　者：周基航 董丰 贾珅[2] Jihang Zhou;Feng Dong;Shen Jia(School of Economics and Management,Tsinghua University;Development Research Center of the State Council)

机构地区：[1]清华大学经济管理学院经济系 [2]国务院发展研究中心发展战略和区域经济研究部

出　　处：《经济学报》2023年第1期47-84,共38页China Journal of Economics

基　　金：国家自然科学基金项目(72250064、72122011、71903126)的资助。

摘　　要：发展绿色经济是实现经济高质量发展的必然要求。本文试图回答发展绿色经济与经济增长和家庭福利之间的关系,并求解对应的最优政策水平。通过构建包含增长的一般均衡模型并在绿色部门中引入资产泡沫,发现绿色泡沫的出现能够缓解绿色部门的流动性约束,从而带来绿色部门相对传统部门的规模扩张。但在一定的参数条件下,经济增速会下降,这取决于泡沫的信贷放松效应和再分配效应。同样,针对绿色部门的补贴政策也有可能使得绿色部门扩张和经济增速下降同时出现。随着家户对绿色部门偏好的增加,虽然最优政策水平下所隐含的经济增速可能会下降,但是居民的福利水平是上升的。本文所构建的模型框架也可用以讨论高质量发展和绿色经济的关系,以及更加广泛的经济增长与结构转型问题的分析。The development of a low-carbon economy is an inevitable requirement for achieving high-quality economic growth and is of great significance to sustainable economic development.This paper attempts to answer how the development of a lowcarbon economy relates to economic growth and household welfare,and to solve the corresponding optimal policy level.Using a general equilibrium model with growth and introducing asset bubbles in the green sector in the model,this paper finds that green bubbles are conductive to alleviating the liquidity shortage,thus scaling up the green sector relative to traditional sector.However,depending on the credit easing effect and reallocation effect of the bubble,the economic growth rate declines with certain parameter conditions.Similarly,the subsidy policy for the green sector can also cause the expansion of the green sector and the decline in economic growth at the same time.As the preference of household for the green sector increases,although the economic growth rate implied under the optimal policy level may decline,the welfare level of households rises.This model framework can also be used to discuss the relationship between high-quality growth,green finance and green fiscal policy.It is also applicable for the analysis of broader economic growth and structural transformation issues.

关 键 词：绿色经济 资产泡沫 经济增长 最优政策 多部门动态一般均衡 

分 类 号：X22[环境科学与工程—环境科学] F124.5[经济管理—世界经济] F832