金融经济周期理论研究述评

A Review of Studies on Financial Business Cycle Theory

美国次贷危机的爆发及其引发的全球经济危机,催生了大量关于金融市场对经济波动影响的研究,对金融因素的关注已成为经济周期研究乃至宏观经济学研究的热点,并已形成一个重要的新兴研究领域,即金融经济周期理论。金融经济周期理论有效地弥补了实际经济周期理论在解释现实经济波动中的不足,代表着宏观经济周期理论的变革和前沿。近年来,金融经济周期理论在对金融摩擦与金融加速器机制、房地产与宏观经济波动以及金融中介与金融冲击等热点问题的研究上取得了备受瞩目的进展。可以预见,把金融经济周期理论的前沿方法与中国的现实经济问题相结合,将成为未来一段时期内宏观经济研究的热点方向。

The global financial crisis starting from the US has triggered a large number of studies on the relationship be- tween financial markets and macroeconomic fluctuations. By treating financial factors as a key mechanism in the transmission of economic fluctuation, these studies form a new and hot field both in business cycle and macroeconomics research, called the fi- nancial business cycle theory. Financial business cycle theory makes up for the shortage of traditional business cycle theory in explaining the economic fluctuations in reality, and represents the reform and frontier of business cycle theory. Recently, it has made great progress on the topics of financial friction and financial accelerator, real estate market and macroeconomic fluctua-tion, financial intermediary and financial shock. Itwould be the new direction of macroeconomic studies to combine the financial business cycle theory with economic topics in China.