信贷结构摩擦、住房市场波动与货币政策

发布时间：2018-06-27 08:04

本文选题：银行信贷结构摩擦 + 住房市场波动　；参考：《财经科学》2017年10期

【摘要】：本文构建了包含商业银行部门的动态随机一般均衡模型,以银行风险承担等因素引起的住房信贷摩擦为主要途径,研究中央银行货币政策通过商业银行信贷供给决策对宏观经济的影响。研究表明:(1)商业银行住房信贷结构性摩擦的存在显著放大了央行货币政策通过房价对宏观经济的影响;(2)在此环境下,考虑房价的货币政策能够有效降低关键宏观经济变量波动性并提高社会福利;(3)在住房市场调控的背景下,包含房价的货币政策能够使因住房信贷摩擦而长期偏离稳态的消费、社会总产出、房价向长期均衡收敛。最后,本文指出将住房市场风险等因素内生化于商业银行信贷决策过程之中是实现房地产业健康发展的重要保障。
[Abstract]:This paper constructs a dynamic stochastic general equilibrium model including the commercial banking sector. The main approach is the housing credit friction caused by the risk assumption of the bank. This paper studies the influence of the central bank's monetary policy on the macro economy through the commercial bank's credit supply decision. The results show that: (1) the existence of structural friction in housing credit of commercial banks significantly magnifies the impact of central bank monetary policy on the macro-economy through housing prices; (2) in this environment, Monetary policy considering housing prices can effectively reduce the volatility of key macroeconomic variables and improve social welfare; (3) in the context of housing market regulation, monetary policy including housing prices can cause long-term deviation from steady consumption due to housing credit friction. Total social output, housing prices to a long-term equilibrium convergence. Finally, this paper points out that it is an important guarantee to realize the healthy development of real estate industry by internalizing the risk of housing market and other factors in the credit decision-making process of commercial banks.
【作者单位】：西安交通大学经济与金融学院;
【基金】：国家自然科学基金项目“面向金融安全的房地产市场风险识别及预警研究”(7711373201)
【分类号】：F299.23;F822.0;F832.4

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