价格型与数量型货币政策工具比较——基于包含时变通胀目标的DSGE模型

Comparison between Price and Quantity Monetary Policy Instrument:Based on DSGE Model with Time-varying Inflation Target

建立包含时变通胀目标的新凯恩斯DSGE模型,研究在分别使用数量型和价格型的货币政策工具的情况下通胀目标变动冲击对中国经济波动的影响。结果显示:在两种情况下,通胀目标变动冲击对通货膨胀和利率的波动均产生重要影响;当使用数量型货币政策工具时,通胀目标变动冲击是导致产出波动的主要因素;整体而言,价格型货币政策工具的调控效果要优于数量型货币政策工具。提出:我国央行应保持货币政策的连续性和稳定性,形成长期稳定的通胀目标,并使货币政策调控模式逐步向价格型调控模式转移。

This paper constructs a dynamic stochastic general equilibrium（DSGE） model with time-varying inflation target to study the effects of inflation target shock on economic fluctuation under different monetary policy instruments. The result shows as follows：inflation target shock is the main source of the fluctuation in nominal variables,and is also the main source of the fluctuation of output under the quantity instrument; overall, the regulation effect of price instrument is better than that of quantity instrument. Finally,it proposes that China＇s central bank should maintain the continuity and stability of monetary policy to form a long-run stable inflation target,and use price instrument to stabilize macro e- conomy aggressively.