货币政策的分配效应研究——基于异质性家庭视角

Distributive Effects of Monetary Policy:from a Heterogeneous Family Perspective

货币政策不仅是应对突发冲击、在短期内迅速实现经济复苏的政策工具,而且具有调节收入分配的功效。通过将异质性家庭和货币政策引入动态随机一般均衡分析框架,文章考察了扩张性货币政策的分配效应。研究发现,降息不仅能够促进李嘉图和经验规则式家庭的消费和就业,而且有助于降低消费不平等和收入不平等。与不考虑不平等因素的货币政策规则相比,考虑消费不平等和收入不平等的拓展规则引致的社会福利损失显著降低。因此,在制定和执行货币政策规则时,不仅应当考虑家庭的异质性,而且应当考虑可能的消费不平等与收入不平等。

Monetary policy is not only a policy tool to cope with sudden shocks and quickly realize economic recovery in the short term,but also has the effect of adjusting income distribution.By introducing heterogeneous household and monetary policy into the framework of dynamic stochastic general equilibrium analysis,this paper examines the distribution effects of expansionary monetary policy.Numerical simulations show that cutting interest rates not only boosts consumption and employment for ricardian and rule-of-thumb households,but also helps reduce consumption inequality and income inequality.Compared with the monetary policy rule without considering the factors of inequality,the extended rule that takes into account the consumption inequality and income inequality causes significantly lower social welfare losses.Therefore,when formulating and implementing monetary policy rules,not only household heterogeneity but also possible income and consumption inequalities should be taken into account.