货币政策应该对信贷市场做出反应吗?

Should Monetary Policy React to the Credit Market?

通过信贷市场搜寻与匹配方法将信贷市场引入NK-DSGE模型中,并基于贝叶斯脉冲响应函数、敏感度分析和社会福利分析方法考察货币政策是否应该对信贷市场做出反应。货币政策冲击的贝叶斯脉冲响应函数表明:货币政策冲击对于信贷市场具有显著的冲击效应;敏感度分析的结果发现:货币政策对信贷市场变化越不敏感,货币政策冲击下各变量的波动性越大;进一步,社会福利分析的结果则指出:相对于不对信贷市场做出反应的基准货币政策而言,对信贷市场做出反应的货币政策机制,即使对信贷市场的变化敏感程度较小,所引起的社会福利损失仍相对较小。因此,基于宏观经济稳定性与社会福利的角度,货币政策应该对信贷市场做出反应。

This paper introduces the credit market into the NK-DSGE framework by searching and matching credit market,and investigate whether monetary policy should react to the credit market by using Bayesian impulse functions,sensitivity analysis and welfare analysis. The Bayesian impulse functions of monetary policy shocks show thatmonetary policy shocks have significant effect on credit market. The results of sensitivity analysis shows that the less sensitivity of monetary policy to the credit market,the greater fluctuationof the economic variables. Further,welfare analysis argues thatcompared to the baseline monetary policy regime,the welfare loss caused by the monetary policy react to the credit market is much less,even if monetary policy is less sensitive to the credit market.Therefore,based on the perspective of social welfare,monetary policy should react to the credit market.