家庭金融资产持有与货币政策传导:资产负债表渠道的识别

Financial Assets Holding and Monetary Policy Transmission:Revealing the Balance Sheet Channel

本文基于我国家庭层面的微观数据,构建外生的货币政策冲击指标,从家庭消费支出视角识别货币政策的资产负债表渠道。研究发现,首先,持有净金融资产价值更高的家庭,在货币政策宽松时会增加更多的消费支出;其次,在控制了货币政策现金流渠道后,消费扩张的效应依然存在,货币政策传导的资产负债表渠道占据主导;最后,随着居民金融知识水平的提高,资产负债表渠道的传导效果更加显著。本研究从微观家庭的角度分析了货币政策冲击对实体经济的影响,提供了货币政策通过资产负债表渠道向家庭消费传导的经验证据,对政策当局更好地使用货币政策恢复和扩大消费具有启示意义。

Consumption plays a crucial role in driving economic growth and improving livelihoods.This paper examines the impact of monetary policy shocks on household consumption through changes in the value of financial assets held by households in China.Utilizing household-level microdata,the study constructs a monetary policy shock index to identify the balance sheet channel of monetary policy transmission.The results indicate that,first,during periods of loose monetary policy,the value of net financial assets held by households increases,leading to higher levels of consumer spending and optimization of household consumption structures.Second,even when controlling for the cash flow channel of monetary policy,the expansionary effect on consumption persists,suggesting that the balance sheet channel is dominant in monetary policy transmission.Third,as financial literacy among residents improves,the balance sheet channel becomes more pronounced.This study provides direct empirical evidence on how monetary policy affects household consumption through changes in net financial asset prices,offering valuable insights for policymakers aiming to stimulate consumption through monetary interventions.