货币政策、收入结构与财富不平等——基于一般均衡视角的分析

Monetary Policy,Income Structure and Wealth Inequality——Based on General Equilibrium Perspective

货币政策作为政府当局调节经济活动的重要手段,在微观个体异质性的作用下具有潜在的财富分配效应。如何理解货币政策对财富不平等的影响、防止财富分化进一步加剧是政府与社会关注的重要问题。本文通过构建带有初始财富异质性的一般均衡模型,分析货币政策对财富分配的影响机制,讨论如何调整货币规则以提升福利公平。研究发现,货币政策冲击将显著提高财富与收入基尼系数,且表现出明显的马太效应;家庭收入结构与边际消费倾向由财富存量决定,货币政策首先通过收入结构差异加剧收入分化,随后借助家庭消费与资产配置行为放大财富不平等;中央银行应允许通胀与产出缺口小幅波动以防止消费差距过度增加;纳入家庭消费分布二阶矩的泰勒规则能在提高社会总福利的同时减小福利不平等。

As an important tool for government to regulate economic activities,monetary policy has potential wealth distribution effects under the influence of micro-individuals endowment differences.How to understand the impact of monetary policy on wealth inequality and prevent the further expansion of residents’wealth gap have become the focus of government and society.This paper constructs a general equilibrium model with initial wealth heterogeneity,analyzes the impact mechanism of monetary policy on wealth distribution,and discusses how to adjust monetary policy rules to improve welfare equity.The research shows that monetary policy shocks significantly increase the Gini of wealth and income,and show an obvious Matthew effect;The household income structure and marginal propensity to consume are determined by the initial wealth stock.Central bank should allow inflation and the output gap to fluctuate slightly to prevent excessive increases in the consumption gap;The Taylor rule incorporating the information of the second moment of household consumption distribution can improve the total social welfare while reducing welfare inequality.