资产组合调整成本、金融冲击与失业波动

Portfolio Adjustment Cost,Financial Shocks and Unemployment Fluctuations

基于包含资产组合调整成本与金融冲击的NKMP-DSGE模型,文章考察了金融冲击的宏观经济效应。金融冲击的贝叶斯脉冲响应函数表明,积极的金融冲击引起产出与就业的上升并降低了失业。通过贝叶斯脉冲响应函数的比较发现,资产组合调整成本在一定程度上阻碍了金融冲击作用的发挥。进一步,失业的贝叶斯冲击分解表明,货币政策冲击是推动失业波动的主要动力,而金融冲击则次之。因此,扩宽融资渠道,降低资产组合调整成本,将有利于金融冲击积极作用的发挥。并且,本文研究支持了在遭遇大的逆向外部冲击时政府采用非常规货币政策,进而形成积极的金融冲击影响劳动力市场。

We consider a NKMP-DSGE model with portfolio adjustment cost and financial shocks, and analysis of the effect of financial shocks on macroeconomics. The Bayesian impulse function of financial shocks shows that the positive financial shocks promotes output and employment, and reduce unemployment. The comparison of Bayesian impulse response function argues that the portfolio adjust cost partially hindered the effect of financial shocks. Further, the result of unemployment＇s Bayesian shock decomposition shows that monetary policy shocks are important factors for unemployment fluctuation, and the financial shocks follows. Therefore, we believe that the positive financial shocks created by financial policy may be helpful to reduce the financing cost, and to promote the development of financial market and increase the investment channel of the household to reduce the portfolio adjustment cost, these maybe helpful for the firm＇s investment, promoting employment and reducing unemployment.