包容性货币政策是否有助于推动中国经济高质量发展?  

Does Inclusive Monetary Policy Contribute to Promoting High Quality Development of China's Economy?

作　　者：金成晓[1,2] 朴津叶 姜旭 Jin Chengxiao;Piao Jinye;Jiang Xu(Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Business and Management,Jilin University,Changchun 130012,China;Wu Jinglian School of Economics,Changzhou University,Changzhou 213159,China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学与管理学院,吉林长春130012 [3]常州大学吴敬琏经济学院,江苏常州213159

出　　处：《数量经济研究》2024年第3期20-40,共21页The Journal of Quantitative Economics

基　　金：教育部人文社会科学重点研究基地重大项目“新时期共同富裕方向的经济高质量发展的宏观调控体系”(22JJD790021)的资助。

摘　　要：本文通过构建一个同时涵盖货币经济与就业搜寻匹配摩擦理论的动态均衡模型,分析了包容性货币政策的宏观经济调控效应,并在此基础上分析货币政策可信度在其中的作用机制。文章分析得出:在平均通胀目标制下,扩张性货币政策(更具包容性)更有助于促进充分就业和全要素生产率提高。特别是,相较传统通胀目标制,平均通胀目标制下政策调控效应的相对优势在政策可信度较高时可以更充分地实现。同时,实行平均通货膨胀目标制可以有效缓解外生冲击下的经济波动,有利于维护宏观稳定。文章的创新之处在于以高质量发展为目标,分析平均通货膨胀目标制对当前中国经济的适用性,为健全现代货币政策框架以推动中国经济向高质量发展的成功转型提供了一些新的思路和方法。This article analyzes the impact of inclusive monetary policy on macroeconomic regulation effects by constructing a dynamic equilibrium model that covers both monetary economy and employment search matching friction theory,and on this basis,analyzes the mechanism of the credibility of monetary policy in it.The analysis shows that under the average inflation targeting system,the expansionary monetary policy(more inclusive)will be more conducive to promoting full employment and improving total factor productivity.Especially,the relative advantage of policy regulation effects under the average inflation target system compared to traditional inflation target systems will be more fully realized when the policy credibility is high.At the same time,implementing an average inflation targeting system can effectively alleviate economic fluctuations under exogenous shocks,which is conducive to maintaining macroeconomic stability.The innovation of the article lies in its goal of high-quality development,analyzing the applicability of the average inflation targeting system to the current China's economy,and providing some new ideas and methods for improving the modern monetary policy framework to promote the successful transformation of the China's economy towards high-quality development.

关 键 词：经济高质量发展 平均通货膨胀目标制 包容性货币政策 全要素生产率 

分 类 号：F82[经济管理—财政学]