住房价格、住房投资、消费与货币政策——基于金融加速器效应的DSGE模型研究

House Price,Housing Investment,Consumption and Monetary Policy ——Based on DSGE Model with Financial Accelerator

以BGG模型为基础建立包含金融加速器机制的DSGE模型,采用数值模拟方法研究中国货币政策冲击对住房价格与住房投资及消费的影响,结果表明金融加速器机制明显放大了货币政策冲击对三者的影响;与不带金融加速器模型相比,使用带有金融加速器效应模型分析时,中国货币政策冲击对房价、投资和消费的影响程度更大,并且更符合现实数据特征。模拟结果还显示货币政策对消费的影响与已有文献的结论存在差异,即货币政策冲击对消费短期影响较大,且影响持续时间也较长。

Based on the BGG model,this paper set up a dynamic stochastic general equilibrium model including financial accelerator which used data simulation method to study the monetary policy influence on house price,housing investment and consumption.The result of research showed that financial accelerator mechanism significantly transmitted and magnified the effect of monetary policy impact.Comparing with no financial accelerator,the model with financial accelerator displayed that the effect was greater,and more fit the character of actual data.The simulation outcome also indicated that consumption was influenced by monetary policy being different from the conclusion of other paper.