消费习惯、粘性价格与货币流通速度——基于NK模型的估计

Consumption Habit,Sticky Price and Velocity of Money Circulation Estimates Based on NK Model

本文构建了一个含有消费习惯和价格粘性的动态随机一般均衡模型,在国内相关文献基础上进行参数校准,所求解出来的模拟经济基本能够刻画现实经济的波动特征。通过比较消费习惯和价格粘性的不同参数组合发现,当价格粘性不变时,随着消费习惯的增强,面临货币量冲击时,货币流通速度会减慢;而面对技术冲击时,货币流通速度会加快。但是货币量的冲击具有持久性,而技术冲击只是短期影响。当消费习惯保持不变,随着价格粘性的增强,正向货币量冲击会减慢货币流通速度,而正向技术冲击在短期内可以加快货币流通速度。

This paper constructs a dynamic stochastic general equilibrium model containing consumption habits and sticky price. After calibration parameters, the simulation economic solved can be characterized the fluctuation feature of real economy. Using different parame- ter values for consumption habits and price stickiness, it can be found when the price stickiness unchanged, with the enhancement of consumer habits, when faced with the impact of the amount of money, the velocity of money will slow down; but when faced with the impact of technology, currency in circulation speed up. But the amount of money a lasting impact, while the impact of technology is only short-term effects. When spending habits remain unchanged, with the price stickiness increases, the positive impact on the amount of money will slow down the velocity of money, but in the short term positive im- pact technology can accelerate the velocity of money.