小微企业融资与货币政策选择——基于贝叶斯DSGE模型的分析

发布时间：2018-02-09 11:15

本文关键词： 非对称货币政策金融加速器信贷约束　出处：《中国经济问题》2017年06期 　论文类型：期刊论文

【摘要】：通过构建包含信贷约束的DSGE模型,本文分析了小微企业融资的影响因素和货币政策选择。结果表明,小微企业的融资能力依赖于其抵押品价值,而抵押品价值与其收益性、可抵押性和储蓄功能有关。进一步的政策分析表明,在供给冲击下,更加重视产出的泰勒规则会减弱小微企业融资量和融资占比的波动;而在需求冲击下,更加盯住产出的货币政策则会加剧小微企业融资量和融资占比的波动。本文的政策建议在于,央行根据外生冲击结构调整货币政策的利率-产出弹性,将有助于持续有效地缓解小微企业融资困境,促进经济平稳发展。
[Abstract]:By constructing a DSGE model with credit constraints, this paper analyzes the influencing factors and monetary policy choices of small and micro enterprises' financing. The results show that the financing ability of small and micro enterprises depends on the value of their collateral, and the value of collateral and their profitability. Further policy analysis shows that under supply shock, Taylor rule with more emphasis on output can reduce the volatility of financing volume and financing ratio of small and micro enterprises, while in the case of demand shock, Monetary policy, which is more pegged to output, will increase the volatility of financing volume and financing ratio of small and micro enterprises. The policy advice of this paper is that the central bank adjusts the interest rate-output elasticity of monetary policy according to the exogenous shock structure. It will help to alleviate the financing dilemma of small and micro-enterprises and promote the steady development of economy.
【作者单位】：清华大学五道口金融学院;中国人民大学财政金融学院;中国人民大学国际货币研究所;
【基金】：中国博士后科学基金面上项目“金融部门与实体经济背离的原因及对策研究”(2016M600156) 教育部哲学社科科学重大课题攻关项目“供给侧结构性改革过程中的货币政策调控研究”的资助
【分类号】：F275;F276.3;F822.0;O212.8

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