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借贷便利类货币政策的传导机制与宏观效应——基于新凯恩斯DSGE模型分析
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TitleTransmission Mechanism and Macro Effect of Lending Facility——Analysis Based on a New Keynesian DSGE model  
作者王祥 陈诗一  
AuthorWang Xiang and Chen Shiyi  
作者单位复旦大学经济学院 
OrganizationSchool of Economics, Fudan University 
作者Email14110680013@fudan.edu.cn;shiyichen@fudan.edu.cn 
中文关键词借贷便利类货币政策 金融摩擦 DSGE模型 
Key WordsLending facility; Financial friction; DSGE model 
内容提要在当前中国经济“新常态”阶段下传统货币政策有效性下降,中央银行创设常备、中期借贷便利缓解市场流动性的压力。本文将借贷便利类货币政策引入到包含金融摩擦的DSGE模型中,考察了借贷便利政策的传导机制、宏观效应以及与传统利率货币政策之间的关系。基于参数校准和贝叶斯估计,数值模拟结果显示:(1)、借贷便利政策能够显著地降低银行的杠杆率以及企业的外部融资成本,缓解市场上的流动性压力,并对产出和通货膨胀有温和的影响;(2)、借贷便利政策的宏观效应,会随着政策期限的延长而更加显著;(3)、央行在实施借贷便利政策操作时维持名义利率不变,借贷便利政策具有更显著的宏观效应,体现了传统利率货币政策与借贷便利政策之间的互补性。 
AbstractIn the stage of the "new normal" of China's economy, the effectiveness of traditional monetary policy has declined and central bank creates the standing and medium-term lending facility to ease liquidity pressure on the market. So this paper introduces lending facility into a DSGE model with financial frictions to study the transmission mechanism and macroeconomic effects of lending facility and its relationship with traditional monetary policy. Based on the calibration and Bayesian estimation of parameters, numerical simulation results show: first, lending facility can significantly reduce bank leverage ratio, lower external financing costs of enterprise, ease the liquidity pressure on the market and has modest effects on output and inflation; second, along with the extension of policy period, the macroeconomic effects become more significant; third, the macroeconomic effects of lending facility become more significant when central bank implements lending facility with nominal interest rate unchanged, which represents the complementarity between the traditional monetary policy and lending facility. 
文章编号WP1153 
登载时间2017-02-10 
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