优化营商环境改变了货币政策效果吗?——基于NKQ-DSGE模型  

Does Improving Business Environment Change the Effects of Monetary Policy?——Based on the NKQ-DSGE Model

作　　者：李雅静[1] 彭安兴 LI Ya-jing;PENG An-xing

机构地区：[1]陕西师范大学国际商学院 [2]广西大学经济学院,南宁530004

出　　处：《金融论坛》2024年第6期36-46,80,共12页Finance Forum

摘　　要：本文基于资本品厂商名义利润最大化原则,构建NKQ-DSGE模型探讨优化营商环境与货币政策效果的关系。研究发现:优化营商环境可以降低投资调整成本,提高托宾Q传导效率;托宾Q渠道畅通,增强了宽松型货币政策促进增长的效果,增加了紧缩型货币政策抑制通胀的成本;营商环境优化和投资调整成本降低将显著提升托宾Q效应在货币政策中的重要性。This paper explores the relationship between business environment and the effect of monetary policy by constructing an NKQ-DSGE model based on the principle of maximizing nominal profits of capital firms.First,we demonstrate that improving the business environment can reduce the adjustment costs of investment and enhance the transmission efficiency of Tobin Q channel.Second,the unobstructed of Tobin's Q channel enhances the effect of easing monetary policy on promoting growth,and increases the cost of tightening monetary policy in suppressing inflation.Third,improving the business environment and reducing investment adjustment costs significantly enhance the importance of the Tobin's Q effect on monetary policy.

关 键 词：营商环境 货币政策 托宾Q值 NKQ-DSGE模型 

分 类 号：D630[政治法律—政治学] F822.0[政治法律—中外政治制度] F279.2[经济管理—财政学]