从生息资本到货币政策:一个马克思主义异质性主体模型

From Interest-bearing Capital to Monetary Policy: A Heterogeneous Agent Model of Marxism Economics

本文从《资本论》关于生息资本的论述出发,利用一个异质性主体模型来阐述利息率、杠杆率以及资产价格的决定机制。研究发现如果资本掌握的技术存在差异,那么生产效率的差异将会导致利润率的差异,进而影响其在社会总资本运动中的职能选择。于是,伴随着资本借贷关系的形成,利息率、杠杆率以及资产价格将被同时内生决定。此外,因为技术扩散程度会影响产业资本的贷款意愿以及利润率水平,所以在技术周期的不同阶段生产投资与金融投资的收益率可能出现反向变动的情况,这也是经济“脱实向虚”的重要原因。结合前述发现,本文还对信用货币体系下货币政策的难点、工具以及目标进行了讨论。

Based on the discussion of interest-bearing capital in Capital,this paper uses a heterogeneous agent model of Marxism economics to explain the determination mechanism of interest rate, leverage ratio and asset price.The results show that if there are differences in the technology mastered by capitalists, the differences in production efficiency will lead to the differences in profit margins, and then will affect their choice of functions in the movement of total social capital.Therefore, with the formation of capital lending relationship, interest rate, leverage ratio and asset price will be determined endogenously at the same time.In addition, because the degree of technology diffusion will affect the willingness to lend of industrial capital and the level of profit margin, the rate of return of production investment and financial investment may change inversely in different stages of the technology cycle, which is also one of the important reasons for“out of the real economy to virtual economy”.Combined with the above findings, this paper also discusses the difficulties, tools and objectives of monetary policy under the credit monetary system.