扩张性货币政策效应的分析——基于资本结构的宏观经济学分析框架

The Analyzing of the Effects of Expansionary Monetary Policy——Based on the Macroeconomics Analysis Framework of Capital Structure

在主流的宏观经济学理论中,大多集中于围绕劳动或者围绕货币来构建理论分析框架,缺乏对社会资本结构的深入分析。本文结合奥地利经济学派的资本理论,试图通过引入资本结构将宏观经济分析框架的时间内生化,建立一个包含可贷资金市场、生产的可能性边界和跨期的生产结构三个组成部分的宏观经济学分析框架,并尝试运用该框架简要分析扩张性货币政策所产生的效应。

In the orthodox macroeconomics,building a theoretical analysis framework is mostly focused around the labor or around money,lacking of in-depth analysis of social capital structure.Therefore,this paper,according to combine with Austrian capital theory,try to construct a macroeconomic analysis framework including capital structure in which time is endogenous.In addition,based on this structure,we try to investigate the effects of expansionary monetary and find out that the demand-induced and cost-induced inflation can be combined in a consistent analytical structure.It is consitituted by three parts： the loanable funds market,production possibility frontier and the intertemporal structure of production.