摘要
文章将融资约束的异质性居民引入到新凯恩斯一般均衡模型中,考察货币政策对中国居民的收入分配和收入差距的影响,研究发现:(1)货币供给冲击和负向利率冲击对收入差距有正向的影响,货币政策使李嘉图居民与非李嘉图居民的收入出现明显分化;(2)通过反事实研究表明李嘉图居民比例的降低和投资约束的放松都会加大收入差距的影响;(3)通过比较4种不同货币政策规则对收入差距波动和福利的影响,发现随着通胀和产出缺口敏感系数的增加,采用泰勒规则不仅能平滑经济波动还能减少收入差距和福利损失。文章通过对货币政策对收入差距的影响及机制进行理论研究与定量分析,为中国货币政策研究提供了新的研究视角。
Monetary policy is a very important policy tool in the development of China’s economy. However,the income gap caused by current monetary policy is a neglect of the traditional monetary policy literature. This paper introduces heterogeneity residents with financing constraints into the New Keynesian general equilibrium model,and examines the impact of monetary policy on Chinese residents’ income distribution and income gap. The study finds that:( 1) Money supply shocks and negative interest rate shocks have a positive effect on income disparities,and monetary policy makes the distribution of income between Ricardo residents and non-Ricardo residents distinctly differentiated;( 2) Ricardo residents represented through the reduction of the proportion and relaxation of investment constraints will deepen the influence of the income gap;( 3) By comparing four different monetary policy parameter rules,we find that the bigger the Taylor coefficient’s sensitivity coefficient to inflation and output gap,it can not only smooth the economic fluctuations but also reduce income inequality;( 4) By compareing five different monetary policies,we find that Taylor’s monetary policy can most effectively mitigate the fluctuations in income inequality. This paper provides a new research perspective for China’s monetary policy through theoretical and quantitative analysis.
作者
赵恢林
黄建忠
Zhao Huilin;Huang Jianzhong
出处
《世界经济研究》
CSSCI
北大核心
2019年第3期30-43,M0002,共15页
World Economy Studies
基金
教育部哲学社会科学重大课题攻关项目"要素成本上升背景下的中国外贸中长期发展趋势研究"(项目编号:13JzD010)
