嵌入金融支柱的新开放经济宏观经济学研究前沿综述

A Review of Research Frontiers on Open Economy Macroeconomics Embedded with Financial Pillars

在我国着力推进高水平金融开放的进程中,迫切需要利用开放经济宏观经济学研究范式,解决开放条件下的经济金融问题,夯实高质量发展的理论根基,推进中国式现代化向纵深发展。国际金融危机以来,将金融支柱嵌入开放经济宏观经济学是国际金融领域一个重要的研究方向。早期开放经济宏观经济学考虑的“金融元素”仅体现为与金融相关的核心变量(如利率、汇率等)动态,而建立在新开放经济宏观经济学基础上的NOEM-DSGE模型将封闭经济刻画的金融摩擦、金融中介、金融冲击等金融元素推广到开放经济,不仅对国际金融领域一直关注的基础性研究课题作出了新的回应,还对金融危机后涌现的现实经济金融问题给出了更加合理的解释。本文认为,从模型设定、模型解法、模型匹配微观数据以及跨学科方法的融合等方面进行突破,是未来开放经济宏观经济学的研究方向。

With China promoting high-level financial openness,there is an urgent need to utilize the research paradigm of open economy macroeconomics to address economic and financial issues under open conditions,laying a solid theoretical foundation for high-quality development and advancing the in-depth development of Chinese-style modernization.Since the international financial crisis,embedding financial pillars into open economy macroeconomics has been one of the most important research directions in the international financial field.In the early stages,the"financial elements"considered in open economy macroeconomics were only reflected in the dynamics of core variables related to finance,such as interest rates,exchange rates.However,the NOEM-DSGE model,built on the basis of new open economy macroeconomics,extends financial elements such as financial frictions,financial intermediation,and financial shocks depicted in closed economies to open economies.This not only provides a new response to fundamental research topics that the international financial field has been concerned about but also offers a more reasonable explanation for the practical economic and financial problems emerging after the financial crisis.This article believes that breakthroughs in model setting,model solution,matching of model with micro data,and integration of interdisciplinary methods are future research directions for open economy macroeconomics.