金融中介效率对货币政策效果的影响——基于动态随机一般均衡模型的研究

Financial Intermediary Efficiency and the Effect of Monetary Policy——Analysis based on a DSGE Model

本文运用新凯恩斯框架下的DSGE模型研究金融中介效率对货币政策效果的影响,研究结果表明:(1)无论是利率规则还是数量规则,金融中介效率的提高都会弱化货币政策对产出、消费和通货膨胀的影响;(2)在利率规则下,金融中介效率提高还会平滑劳动的波动,并最终减少社会福利损失,而在数量规则下,金融中介效率提高会放大货币政策冲击造成的劳动的波动,并最终放大社会福利损失。因此,货币政策的中介目标应当由货币供应量向利率转变。

This paper uses a New Keynesian Dynamic Stochastic General Equilibrium （DSGE） model to analyse the effect of financial intermediary efficiency on monetary policy effects. The main findings are as follows： （ 1 ） the improvement of financial intermediary efficiency will weaken the monetary policy＇s effect on output, consumption and inflation; （2） the improvement of financial intermediary efficiency also smooth the labour volatility under the interest rate policy and hence reduce the social welfare loss, while it will amplify the labour volatility under quantity policy and ultimately enlarge the social welfare loss. Therefore, the intermediate target of monetary policy should be changed from money supply to interest rate.