货币政策纳入资产价格目标后能更好地调控经济波动吗——基于金融结构视角的分析

Can Monetary Policy Including Asset Prices Objectives Reduce Economic FluctuationBetter:An Analysis Based on Financial Structure

本文通过构建包含金融结构的NK-DSGE模型,分析在不同的金融结构下,包含金融资产价格稳定目标的扩展型货币政策能否更加有效地熨平经济波动。研究表明:(1)相比传统货币政策,包含金融资产价格稳定目标的货币政策不仅能更好地熨平宏观经济波动、缩短波动持续期,还能提升社会福利;(2)在扩展型货币政策框架下,央行需结合不同类型冲击下金融结构与宏观调控变量波动的异质相关性,依据金融结构市场化进程,灵活调整其对各个变量的调控力度;(3)在扩展型货币政策框架下,当经济体系面临非持续性技术冲击、投资边际效率冲击或金融冲击时,金融结构市场化程度越高,社会福利增进效果越好。本文的研究为宏观经济调控政策特别是货币政策决策提供了有益启示,或可为新时期增强宏观经济调控效果、构建兼顾金融稳定和经济稳定的平衡发展路径提供新思路和新抓手。

This paper constructed a NK-DSGE model with financial structure to analyze whether monetary policy including financial asset price stability objectives can more effectively smooth the economic fluctuation under different financial structures.The results showed that:(1)compared with traditional monetary policy,monetary policy including financial asset price stability objectives can not only better smooth macroeconomic fluctuations,reduce the duration of fluctuations,but also can improve social welfare.(2)Under the extended monetary policy framework,the central bank needs to flexibly adjust the control intensity of various variables according to the level of financial structure based on the heterogeneous correlation between the financial structure and the fluctuations of macro-control variables under different types of shocks.(3)Under the extended monetary policy framework,when the economic system is faced with unsustainable technological shock,investment marginal efficiency shock or financial shock,the higher the level of financial structure,the better the improvement effect of social welfare.The research provided beneficial enlightenment for macroeconomic regulation policies,especially monetary policy decision-making,or it may provide new ideas and new gripper for strengthening the effect of macroeconomic regulation and control as well as building a balanced development path that takes both financial stability and economic stability into account in the new period.