摘要
如何改善收入分配,实现共同富裕是各界关注的重要问题。为此,本文构建包含异质代理人的动态随机一般均衡模型,分析家庭部门资本市场参与异质性如何影响居民收入与财富分配,并在此基础上探讨最优货币政策与泰勒规则的运用。研究表明:当家庭部门参与资本市场比重较低时,名义利率冲击与资产流动性冲击下消费不平等随总产出增加而下降,但收入不平等随总产出增加而上升;只有当家庭部门参与资本市场比重足够高时,收入不平等才可能随总产出增加而下降。福利分析显示,有限资本市场参与造成的无效率损失无法利用货币政策予以消除,在泰勒规则中纳入消费不平等或投资缺口能够获得更高的社会福利。
At present, the relative poverty problem of income and wealth imbalance in China is widely concerned by all sectors of society. Microscopic surveys show that there is a large heterogeneity in the income and wealth structure of China’s household sector, with a high degree of differentiation between business assets and financial assets. Limited capital market participation is one of the reasons for the abovementioned problem. Limited capital market participation makes macroeconomic policies and macro fluctuations have asymmetric effects on household income and wealth, and intensify income and wealth differentiation. Traditional macroeconomic research tends to ignore and abstract the heterogeneous characteristics of the household sector, and it is inconclusive how household heterogeneity affects the dynamic relationship between the total output, the overall income level of the household segment, and the income distribution. Based on the above theoretical and practical background, this paper constructs a dynamic stochastic general equilibrium model including agents with heterogeneous capital market participation, analyzes how heterogeneity in capital market participation affects the income and wealth distribution of households, and explores the application ofthe optimal monetary policy and Taylor’s rule on this basis. The results of the study are as follows:(1)There are significant distributional effects of macro volatility and policies represented by nominal interest rate shocks and asset liquidity shocks in the case of limited capital market participation. Among them, while the household consumption inequality index is countercyclical, the income and wealth inequality index shows procyclical characteristics.(2)The higher the capital market participation, the smaller the income and wealth inequality caused by exogenous shocks, and the high capital market participation weakens the procyclicality of the income and wealth inequality. For asset liquidity shocks, higher capital market participation can even reverse t
作者
周小亮
林栋
ZHOU Xiaoliang;LIN Dong(School of Economics and Management,Fuzhou University,Fuzhou 350108,China)
出处
《财经论丛》
北大核心
2023年第3期15-24,共10页
Collected Essays on Finance and Economics
基金
福建省社会科学基金项目(FJ2020MJDZ015)。
关键词
有限资本市场参与
异质性家庭
收入分配
共同富裕
Limited Asset Markets Participation
Heterogeneous Family
Income Distribution
Common Prosperity
