摘要
本文构建了包含金融摩擦和价格黏性的动态随机一般均衡模型,研究了货币政策冲击对于产出和企业杠杆率的影响,及不同的企业融资溢价、杠杆率、高低风险企业比例对货币政策传导的影响,并对比了基准泰勒规则和宏观审慎的货币政策规则下的福利损失情况。数值模拟分析结果表明:一是随着企业外部融资溢价的增加,单位货币政策冲击引起的波动增大;二是企业杠杆率的降低有助于降低货币政策冲击的影响;三是技术冲击短期内有利于降低企业的杠杆率;四是紧缩性的货币政策会导致企业杠杆率的升高,而盯住企业杠杆率的宏观审慎的货币政策规则,社会福利损失下降得比较明显,企业杠杆率应成为货币政策对微观企业作用的一个“关注”变量。
This paper constructs a dynamic stochastic general equilibrium model including financial friction and price stickiness.It studies the impact of monetary policy shocks on output and corporate leverage,the impact of different corporate financing premiums,leverage rates and the proportion of both high-risk and low-risk enterprises on monetary policy transmission.Also,the welfare losses under the benchmark Taylor rule and the ones under macro-prudential monetary policy rules are compared.The result of numerical simulation shows that:firstly,with the increase of external financing premium,the fluctuation caused by the unit monetary policy shocks see an enlargement;secondly,the reduction of corporate leverage rate contributes to lessening the impact of monetary policy shocks;thirdly,technology shocks are beneficial to reduce the leverage rate of enterprises in the short term;fourthly,the tightening monetary policy will cause enterprise leverage rate to increase,while focusing on the macro prudent monetary policy rules,welfare losses witness a various decline.Enterprise leverage rate should become a“concerning”variable of the influence exercised by monetary policy on micro-enterprises.
作者
朱连磊
赵昕
丁黎黎
Zhu Lianlei;Zhao Xin;Ding Lili(Bank of Qingdao,Shandong Qingdao 266061;School of Economics Ocean University of China,Shandong Qingdao 266100)
出处
《金融发展研究》
北大核心
2019年第9期3-13,共11页
Journal Of Financial Development Research
基金
国家社科基金重大项目“突发性海洋灾害恢复力评估及市场化提升路径研究”(项目编号:15ZDB171)
国家自然科学基金“不确定需求下的拉动式合约拍卖协商机制研究”(项目编号:71471105)
泰山学者特聘教授及青年专家工程专项经费资助项目
关键词
融资溢价
企业杠杆率
货币政策
福利损失
financing premium
corporate leverage ratio
monetary policy
welfare loss
