利率走廊机制:政策设计与效果模拟——基于中国背景的DSGE分析

Interest Rate Corridor-Policy Design and Effect Simulation: A DSGE Analysis Based on the Chinese Background

通过构建一个具有内生银行间市场和异质性商业银行等特征的DSGE模型,并基于中国的现实情况,对不同法定存款准备金率水平的影响、利率走廊区间位置与宽度调控的效果、"下限模式"下流动性投放的政策有效性等问题进行模拟分析,探索利率走廊货币政策框架的运行机制和政策效果,结果发现法定存款准备金制度会造成利率走廊调控效果一定程度的扭曲,但其仍然可以在利率走廊政策框架中发挥辅助作用;利率走廊的区间位置与宽度调整均可有效引导市场利率达到目标水平;当银行间市场中的流动性过剩达到相当程度并进入利率走廊"下限模式"时,扩张流动性可以在不改变利率的情况下达到刺激经济的目的,从而规避"零利率下限"约束。

By constructing a dynamic stochastic general equilibrium(DSGE)model with the characteristics of an endogenous interbank market and heterogeneous commercial banks,this study performed simulation analysis on issues such as the effects on different required reserve ratios,the effects of regulating the position and width of the interest rate corridor,and the policy effectiveness of liquidity injection under the"lower-limit mode"based on the real situation in China.The study aimed to explore the operating mechanism and policy effects of the interest rate corridor under the monetary policy framework.Its results showed that the required reserve system causes a certain degree of distortion in the effect of regulating the interest rate corridor but that it can still play a supporting role under the monetary policy framework,while adjusting the position and width of the interest rate corridor can effectively guide market interest rates to reach target levels.When excess liquidity in the inter-bank market reaches a considerable level and enters the lower-limit mode of the interest rate corridor,expanding liquidity can meet the purpose of stimulating the economy with interest rates remaining unchanged,thereby avoiding the"zero-interest-rate lower-limit"constraint.