非正规金融与正规金融双重结构下货币政策工具比较研究

Research on Monetary Policy Instruments under the Informal Financial and Formal Financial Structure

金融市场正规金融与非正规金融并存,使得货币政策工具的操作和传导具有更加复杂和非可控的微观因素。本文尝试将非正规金融纳入研究框架,建立四部门动态随机一般均衡(DSGE)模型,比较数量型和价格型货币政策工具的有效性。研究显示,价格型货币政策工具对宏观经济变量的影响大于数量型货币政策工具,且持续时间较短,导致的通货膨胀上升幅度小。在对非正规金融的影响上,价格型货币政策工具的效果更显著。

The coexistence of formal finance and informal finance in financial market has made the operation and transmission of the monetary policy instruments more complicated and non - controllable. The paper at- tempts to put informal financial sector into the research framework, and establish a DSGE model for comparing the effectiveness of quantitative monetary policy instruments and price - based monetary policy instruments. The research has shown that price - based monetary policy instruments have greater effect on output, wages and capiral accumulation than quantitative monetary policy instruments, and the duration is relatively short with a slight rise in inilation. On the impact of the informal financial sector, price - based monetary policy instruments have more significant effect.