金融资产危机与FM-IS-LM一般均衡模型

Financial asset crisis and FM-IS-LM general equilibrium model

随着金融资产总量的迅速增长,金融资产价格变化对宏观经济的影响日益上升。本文在传统宏观经济理论的基础上,将可交易金融资产置入宏观经济模型之中,建立了FM-IS-LM一般均衡模型,并以此模型对金融资产膨胀、金融资产危机进行了系统化的讨论。这一研究的最重要价值在于把握金融资产膨胀、金融资产危机和实体经济波动的内在联系,提高宏观经济政策的完备性和有效性,避免金融危机在中国再现。

As the scale of financial asset expands rapidly, the influence of financial asset price fluctuation on macro-economy becomes more and more substantial. Based on traditional economic theories, the article introduces tradable financial assets into traditional macroeconomic model and establishes a new FM-IS-LM general equilibrium model. Taking the FM-IS-LM model as analyzing framework, the article holds a systematic discussion on financial asset inflation, financial asset crisis, real economy inflation and real economy deflation. The conclusion is that the above four different phenomena are in fact correlated and share the same cause. Therefore, grasping the intrinsic links among financial asset inflation, financial asset crisis and the real business cycle will significantly improve the efficiency of macro-economy policy-making process.