货币政策冲击的收入分配效应研究

Research on the Monetary Policy Impact on Income Distribution

货币政策对居民收入分配的影响正目益受到研究者和决策者的关注。本文通过运用一个包含城乡居民两类家庭的DSGE模型,以我国2001-2012年含有131个变量的宏观数据为样本,进行FAVAR实证检验。研究结果表明,价格型的货币政策冲击对城乡居民收入的影响并不明显,城乡居民收入对价格型的货币政策冲击反应具有不确定性;数量型的货币政策对城乡居民收入的冲击效应较为明显,数量型量化宽松货币政策有助于拉动城镇居民的收入增长,但对农村居民收入会产生抑制作用。

The monetary policy's impacts on income distribution are often overlooked. In this paper, the application of DSGE model includes a two-resident family. The FAVAR test contains 131 variables and uses China's 2001-2012 macro data for samples. The results show that: the price impact of monetary policy on the income of urban and rural residents is not significant; namely, the income of urban and rural residents to price impact of monetary policy reaction is uncertain; the quantitative effect of monetary policy on the income impact of urban and rural residents is significant; the quantity of quantitative easing helps drive the urban residents' income growth, but restrain the income growth of the rural residents.