摘要
基于含消费惯性和金融加速器的动态随机一般均衡模型，定量解析了不同货币政策工具下通胀预期偏差对宏观经济稳定的影响。结果发现，价格型工具调控下，通胀预期偏差对经济有正面影响，而数量型工具调控时有负面影响；短期内，数量型工具能更有效遏制通胀，长期看，价格型工具的调控效应更显著。研究表明，央行应有针对性的搭配不同政策工具，构建基于资产价格的广义价格指标和通货膨胀预期测度，提高政策的可信性和可测性，实现对通胀预期的有效引导与调控。
We build a dynamic stochastic general equilibrium model featuring consump tion habits and the financial accelerator to study the effects of inflation expectation shocks on economic fluctuations under different monetary instruments. We show that inflation expectation errors have a positive impact on the economy under price instruments to exacerbate over- heating, and have a negative impact under quantity instruments to curb economic expansion. Meanwhile, quantity instruments can effectively control the fluctuation of inflation in the short run, but in the long run, price instruments do a better job. So the central bank should concentrate on the coordination of different monetary policy instruments, construct inflation expectation measurement index and general price index on the basis of asset prices, steadily improve the accountability and the credibility of monetary policy, to effectively guide and adjust inflation expectation.
出处
《经济学（季刊）》
2010年第4期51-82,共32页
China Economic Quarterly
基金
国家社科基金重点项目“我国金融监管的制度框架、制衡机制与绩效评价研究”(09AZD020)
