开放经济宏观经济学建模——文献综述

Modeling of Open Economy Macroeconomics--Literature Review

本文对近年来开放经济宏观经济学的研究进行了梳理。开放经济宏观经济学主要由小型开放经济和两国经济模型两大框架构成,引入两种异质性商品可以产生实际汇率的动态,完全市场下两国可以完全分担风险,而不完全市场下特别是金融中介摩擦的引入,可以产生顺周期的资本流动,进一步扩展到开放经济框架下宏观审慎政策的讨论。趋势冲击是产生新兴经济体经济周期的重要机制。在当前全球经济面临较大不确定性的大背景下,带有不确定性冲击的开放宏观模型是重要的研究内容。近年来随着国际宏观金融研究的发展,不完全信息、非理性预期的开放宏观模型是重要的研究方向,生产、贸易和金融等网络结构也将是开放经济宏观经济学未来的重要研究领域。

This paper reviews the research and updates of open economy macroeconomics. Open economy macroeconomics is mainly composed of two frameworks, small open economy and the two-country economy. The introducing of two kinds of heterogeneous commodities can generate the dynamics of real exchange rate. The two countries can completely share risk in the environment of the complete market, while the introducing of financial intermediary friction under incomplete market can produce pro-cyclical capital flow and be further extended to the discussion of macro-prudential policies in the framework of open economy. Trend shocks are an important mechanism for understanding the business cycles in emerging economies. Under the background of the global uncertainty currently, the open economy macroeconomic model with uncertainty shock is an important research content. In recent years, as with the development of international macro-finance research, the open economy macroeconomic models with imperfect information and irrational expectation are an important research direction. Network structures such as production network,trade network and financial network will also be important research areas for the future of open economy macroeconomics.