摘要
本文基于资本品厂商名义利润最大化原则,构建NKQ-DSGE模型探讨优化营商环境与货币政策效果的关系。研究发现:优化营商环境可以降低投资调整成本,提高托宾Q传导效率;托宾Q渠道畅通,增强了宽松型货币政策促进增长的效果,增加了紧缩型货币政策抑制通胀的成本;营商环境优化和投资调整成本降低将显著提升托宾Q效应在货币政策中的重要性。
This paper explores the relationship between business environment and the effect of monetary policy by constructing an NKQ-DSGE model based on the principle of maximizing nominal profits of capital firms.First,we demonstrate that improving the business environment can reduce the adjustment costs of investment and enhance the transmission efficiency of Tobin Q channel.Second,the unobstructed of Tobin's Q channel enhances the effect of easing monetary policy on promoting growth,and increases the cost of tightening monetary policy in suppressing inflation.Third,improving the business environment and reducing investment adjustment costs significantly enhance the importance of the Tobin's Q effect on monetary policy.
作者
李雅静
彭安兴
LI Ya-jing;PENG An-xing
出处
《金融论坛》
CSSCI
北大核心
2024年第6期36-46,80,共12页
Finance Forum
