金融摩擦、粘性价格模型与产出波动——基于中国季度数据的实证分析
发布时间：2018-07-14 10:24
【摘要】：国内外学者在分析金融摩擦问题时,大多将粘性价格作为一个隐含条件,或者侧重粘性价格与金融摩擦的某些方面或特征来分析金融摩擦对经济的影响,因此得出的结论往往有失偏颇。文章认为,粘性价格理论作为新凯恩斯主义分析理论的基础,在分析金融摩擦对经济的影响时,需要考虑粘性价格问题。从这样的角度出发,将粘性价格模型与金融摩擦结合起来,构建了一个包含金融摩擦与粘性价格的扩展DSGE模型,在粘性价格的条件下,分析金融摩擦对实体经济主要经济变量的影响渠道及效果。通过分析发现:粘性价格对金融摩擦的作用渠道与效果影响巨大。当经济中存在价格粘性时,经济变量特别是产出水平受金融摩擦的冲击比较大,产出水平的周期性波动也比较明显,周期性波动持续的时间也比较长;当经济中不存在粘性价格时,产出水平受冲击较小,产出水平周期性波动不明显。
[Abstract]:When domestic and foreign scholars analyze the financial friction, most of them take the viscous price as an implicit condition, or focus on some aspects or characteristics of the viscous price and financial friction to analyze the impact of financial friction on the economy. As a result, the conclusions are often biased. The paper holds that the viscous price theory, as the basis of the new Keynesian theory of analysis, should consider the problem of viscous price in the analysis of the impact of financial friction on the economy. From this point of view, combining the viscous price model with the financial friction, an extended DSGE model including financial friction and viscous price is constructed under the condition of viscous price. This paper analyzes the influence channels and effects of financial friction on the main economic variables of the real economy. Through the analysis, it is found that the viscous price has a great influence on the financial friction channel and effect. When there is price stickiness in the economy, the economic variables, especially the output level, are greatly impacted by the financial friction, the cyclical fluctuation of the output level is also obvious, and the cyclical fluctuation lasts for a long time. When there is no viscous price in the economy, the output level is less affected and the cyclical fluctuation of output level is not obvious.
【作者单位】： 西安交通大学经济与金融学院;
【基金】：陕西省科技厅资助项目:“基于可抵押条件下陕西农地抵押融资运行模式比较研究”(2016JM7009)
【分类号】：F124;F224;F832
，
本文编号：2121346
[Abstract]:When domestic and foreign scholars analyze the financial friction, most of them take the viscous price as an implicit condition, or focus on some aspects or characteristics of the viscous price and financial friction to analyze the impact of financial friction on the economy. As a result, the conclusions are often biased. The paper holds that the viscous price theory, as the basis of the new Keynesian theory of analysis, should consider the problem of viscous price in the analysis of the impact of financial friction on the economy. From this point of view, combining the viscous price model with the financial friction, an extended DSGE model including financial friction and viscous price is constructed under the condition of viscous price. This paper analyzes the influence channels and effects of financial friction on the main economic variables of the real economy. Through the analysis, it is found that the viscous price has a great influence on the financial friction channel and effect. When there is price stickiness in the economy, the economic variables, especially the output level, are greatly impacted by the financial friction, the cyclical fluctuation of the output level is also obvious, and the cyclical fluctuation lasts for a long time. When there is no viscous price in the economy, the output level is less affected and the cyclical fluctuation of output level is not obvious.
【作者单位】： 西安交通大学经济与金融学院;
【基金】：陕西省科技厅资助项目:“基于可抵押条件下陕西农地抵押融资运行模式比较研究”(2016JM7009)
【分类号】：F124;F224;F832
，
本文编号：2121346
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