我国前瞻性货币供给规则与宏观经济的稳定我国前瞻性货币供给规则与宏观经济的稳定性——拓展的MIU模型与中国经验

发布时间：2018-05-20 06:22

本文选题：前瞻性货币供给规则 + 宏观经济稳定性　；参考：《南开经济研究》2010年06期

【摘要】：国内研究货币规则的文献大多依据"损失函数最小化"标准获得货币政策工具的决策准则,而鲜有从一般均衡模型不动点性质的角度评析我国货币政策规则的文章。本文将一个适用于我国转型时期的货币量规则引入一般均衡的MIU模型,拓展了传统的固定货币增长率的货币经济学模型。文章发现:消费者微观偏好和央行货币政策参数会对宏观经济系统的稳定性产生影响。数据分析显示:我国经济系统获致的不动点为鞍点,即存在一条稳定的轨迹使经济系统收敛于均衡状态。文章建议,货币政策部门密切关注居民微观行为演进和央行货币规则微调对经济系统动态特性产生的影响。
[Abstract]:Most of the domestic studies on monetary rules are based on the criterion of "minimization of loss function" to obtain the decision criteria of monetary policy tools, but few articles have evaluated the monetary policy rules in China from the point of view of the fixed point nature of the general equilibrium model. In this paper, we introduce a general equilibrium MIU model into a monetary quantity rule suitable for the transition period of our country, and extend the traditional monetary economics model of fixed monetary growth rate. It is found that consumer micro preference and central bank monetary policy parameters will affect the stability of macroeconomic system. The data analysis shows that the fixed point of economic system in China is saddle point, that is, there is a stable track to make the economic system converge to equilibrium state. The paper suggests that monetary policy departments pay close attention to the influence of the evolution of residents' micro-behavior and the fine-tuning of central bank's monetary rules on the dynamic characteristics of economic system.
【作者单位】：南开大学经济学院金融学系;
【基金】：国家自然科学资金项目 “中国经济转型时期的财税金融改革:政策诊断与绩效评估”(项目编号:70650001) 教育部重点研究基地重大项目(项目编号:2009JJD790027)的阶段性成果
【分类号】：F822;F124;F224

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