消费信贷部门的扩张是否提升了货币政策的效力？

Whether the Expansion of Consumer Credit Sector Affects the Effectiveness of Monetary Policy?

为分析消费信贷对货币政策传导机制的影响,我们建立了一个区分耐用消费品和非耐用消费品的一般均衡模型,分析货币政策是否影响和怎样影响消费信贷以及消费信贷的变化将怎样影响消费和总产出。结果表明,消费信贷的扩张使货币政策传导增加了新的信用渠道,同时也提高了利率渠道的传导效率。消费信贷部门的扩张提高了货币政策调控实质经济的能力。

We build a general equilibrium model with distinct durable and nondurable goods sectors to analyze how the consumer credit sector affects the transmission mechanism of monetary policy. The model studies the qualitative and quantitative relationship between the monetary expansion, the availability of consumer credit and real economic activities, analyzing whether and how the monetary policy will affect consumer credit in the econ- omy and how the consumer credit change will affect consumption and aggregate output. The model finds that an expanding consumer credit sector will amplify the credit channel and meanwhile improve the efficiency of the in- terest rate channel, and therefore help strengthen the central bank＇s role in managing real economic activities.