“二元”信贷错配特征下的金融加速器效应研究——基于动态随机一般均衡模型的分析

On the Effects of Financial Accelerator with the “Dual” Credit Mismatch Features:A Study Based on DSGE Model

通过放松BGG模型中企业同质性的假设,将我国国有、民营的"二元"信贷错配特征引入带有金融加速器的DSGE模型,分别对信贷错配下及信贷错配"自我纠偏"后的金融加速器效应进行仿真模拟。结果发现:在信贷错配下,金融加速器效应暂时被低估;但随着信贷错配的"自我纠偏",金融加速器效应将增大,届时造成的经济波动更大、更持久。货币政策在信贷错配下对通货膨胀调控效果较好,而对产出调控效果欠佳;但随着信贷错配"自我纠偏",货币政策的产出调控效果将增强,而通货膨胀调控效果将减弱。

With the assumption of loosening the business homogeneity in the BGG model, this study introduces the ＂ dual＂ credit mismatch features of China＇s state-owned and private-owned enterprises into the dynamic stochastic general-equilibrium model with a financial accelerator, so as to conduct an analogue simulation of the financial accelerator effects both under the credit mismatch and the credit mismatch after ＂self rectification＂. The results indicate that under the credit mismatch, the financial accelerator effect is underestimated for the time being; but with the ＂self rectification＂, the financial accelerator effect will expand, and the economic fluctuation resulted in will be greater and longer. The monetary policy can have a better effect on controlling inflation under the condition of credit mismatch, but a worse effect on controlling output. With the ＂self rectification＂ of the credit mismatch, the effect of the monetary policy regulation on output will be improved, while the effect on inflation will be weakened.