摘要
本文通过一个具有不同生产率和信贷约束的两部门动态随机一般均衡(DSGE)模型,研究了货币政策和信贷条件对中国全要素生产率波动的影响。研究表明,宏观经济政策的外生冲击会改变资本在部门间的配置效率,导致全要素生产率( TFP)发生内生波动,政策冲击对 TFP的影响主要由民营企业受到信贷约束所决定。紧缩货币政策以及民营部门信贷抵押要求的上升都会降低资源配置效率,从而导致 T F P出现长时间下降;民营部门信贷条件的变化是重要的外生冲击,能解释很大部分的产出增长率波动和民营部门投资增长率波动。
The impact of monetary policy and credit conditions on China ’ s total factor productivity fluctuations is studied by a two-sector dynamic sto chastic general equilibrium ( DSGE ) model with different productivity and credit constraints. Studies have shown that the exogenous impact of macroeco nomic policies will change the efficiency of cap- italallocation among departments, leading to endog enous volatility of total factor productivity ( TFP). The impact of policy shocks on TFP is mainly determined by private enterprises being subject to credit constraints. Tight monetary policy and rising private sector credit collateral requirements will reduce resource allocation efficiency, leading to a long - term decline in TFP;changes in private sector credit conditions are important exogenous shocks that can explain a large portion of output growth volatility and the growth rate of private sector investment is fluctuating.
作者
吴仁水
董秀良
钟山
Wu Renshui;Dong Xiuliang;Zhong Shan
出处
《宏观经济研究》
CSSCI
北大核心
2019年第6期30-44,131,共16页
Macroeconomics
基金
国家自然科学基金面上项目(71373100)的资助
