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。
This paper constructs a dynamic stochastic general equilibrium model which includes the credit decision- making process of the commercial bank and analyzes the influence of the central bank＇s monetary policy on the macro economy through the bank credit friction and Its Enlightenment to the monetary policy. The results show that： （1） the existence of the commercial bank＇s housing credit friction significantly increases the volatility of monetary policy on the macro variables; （2） In this environment, the monetary policy taking house prices into consideration can effective- ly reduce the volatility of macroeconomic variables and improve social welfare; （3） Under the background of housing market regulation, the monetary policy impact including housing prices can guarantee the economy to long-term equilibrium convergence. Finally, the paper points out that the factors such as housing market risk and other factors in the process of commercial bank credit decision-making are the important guarantee for the sustained and healthy develop- ment of the real estate industry.
出处
《财经科学》
CSSCI
北大核心
2017年第10期1-16,共16页
Finance & Economics
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)
