影子银行与正规金融双重结构下中国货币政策规则比较研究

Comparative Study on China's Monetary Policy Rules under Dual Structure of Shadow Banking and Formal Finance

将影子银行体系纳入到经济运行系统中，建立影子银行与正规金融双重结构下的DSGE模型，并依据2010—2012年的数据，比较分析影子银行贷款额、影子银行贷款利率、国内产出、通货膨胀对货币政策规则变动冲击的响应。结果表明：货币政策规则的变动直接影响着影子银行贷款额和贷款利率；数量型货币政策规则对产出的冲击强于价格型，二者对通货膨胀的冲击基本相同。

This paper introduces shadow banking into the economic system and establi- shes a DSGE model with dual structure of shadow banking and formal finance. According to the data from 2010 to 2012, we compare and analyze the impulse response of the shadow banking loans, shadow banking lending rates, domestic output and inflation to monetary policy shocks. The results show that, the monetary policy rule change directly affects the shadow banking loans and lending rates; the output shocks of the quantitative - monetary policy rule is stronger than that of price type, though the inflation shocks of two kind of pol- icy are basically the same.