金融冲击与中央银行的流动性支持政策研究

Financial Shocks and the Liquidity Support Policy of the Central Bank

本文在DSGE框架下引入金融冲击,比较完整地刻画了包含货币政策、宏观审慎政策以及流动性支持政策的央行"政策工具箱",并对中央银行的流动性支持政策在不同外生冲击下的经济金融稳定效应进行了系统考察。本文分析得到了三个基本结论:一是在各种典型的金融冲击下,中央银行的流动性支持政策均具有良好的宏观稳定效应;二是从政策实施的角度,中央银行的流动性支持政策可考虑盯住银行存款的变动,并在政策操作上体现"及时反应、力度合理"的原则;三是从社会福利增进的角度,中央银行流动性支持政策的效果受到冲击来源的影响,总体上应对金融冲击的效果较好。分析结果初步显示了流动性支持政策作为中央银行"政策工具箱"一种辅助性金融稳定工具的可行性、针对性和有效性。

This paper introduces financial shocks into a DSGE model and fully describes the central bank’s"policy toolbox"including monetary policy,macro-prudential policy,and liquidity support policy,and then investigates the effects of central bank liquidity support policy on economic and financial stability under various exogenous shocks.The analysis of this paper delivers three main conclusions.First,under various typical financial shocks,the liquidity support policy of the central bank has good macroeconomic stabilizing effects.Second,from the perspective of policy implementation,the liquidity support policy of the central bank could target variations in bank deposits and adopt the principle of"timely response and reasonable strength"in policy operation.Third,from the perspective of social welfare,the effects of central bank liquidity support are affected by the sources of shocks,and it performs better in face of financial shocks.The results of the paper point to the feasibility,pertinence,and effectiveness of liquidity support policy as an auxiliary financial stabilizing tool of the central bank’s"policy toolbox".