美元本位与中美货币政策的福利分配——基于新开放经济宏观经济学视角

发布时间：2019-07-23 19:37

【摘要】：本文从以中国为代表的外围国家出发,采用新开放经济宏观经济学动态一般均衡的方法,分析了美元本位在中美货币政策福利分配中的影响。结果表明,当外围国家采用扩张性的货币政策时,美元本位导致了汇率传递的不完全,美国作为美元本位的核心国始终能够获得正的福利增量,而外围国家的福利是否增加,受到美元本位程度、消费替代弹性和国家规模等因素的影响。其中,美元本位程度和消费替代弹性主要影响两国福利分配的总量,而国家规模的大小将直接影响两国福利分配的比例。总的来说,中国可以通过推动人民币国际化、提高出口厂商的议价能力以及加强中美国际货币政策合作来减少美元本位带来的福利损失。
[Abstract]:Starting from the peripheral countries represented by China, this paper analyzes the influence of the dollar standard on the welfare distribution of monetary policy between China and the United States by using the method of dynamic general equilibrium of macroeconomics in the new open economy. The results show that when the peripheral countries adopt expansionary monetary policy, the dollar standard leads to the incomplete transmission of exchange rate. The United States, as the core country of the dollar standard, can always obtain positive welfare increment, and whether the welfare of the peripheral countries increases is affected by the degree of dollar standard, the elasticity of consumption substitution and the size of the country. Among them, the degree of US dollar standard and the elasticity of consumption substitution mainly affect the total amount of welfare distribution between the two countries, while the size of the country will directly affect the proportion of welfare distribution between the two countries. In general, China can reduce the welfare losses caused by the dollar standard by internationalizing the yuan, improving the bargaining power of exporters and strengthening international monetary policy cooperation between China and the United States.
【作者单位】：武汉大学经济与管理学院;
【基金】：教育部人文社会科学基金项目“经济开放度、货币政策有效性和货币政策国际协调——基于新开放宏观经济学视角的研究”(10YJA790066) 武汉大学中央高校基本科研业务费专项“美元本位与货币政策规则的选择——基于新开放经济宏观经济学的福利分析”的资助
【分类号】：F827.12;F822.0;F224

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