粘性价格、金融摩擦与中国经济波动

发布时间：2018-04-13 14:37

本文选题：粘性价格 + 金融摩擦　；参考：《现代财经(天津财经大学学报)》2017年09期

【摘要】：目前,将金融摩擦明确纳入粘性价格的分析框架内,研究金融摩擦对经济变量的影响方面,国内外学者做的不多。该文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,同时,利用我国1993年Q1-2015年Q4的季度数据,分析在粘性价格的条件下,金融摩擦对实体经济主要经济变量产出缺口、利率水平及通胀率的影响渠道及效果。通过分析发现:第一,粘性价格对金融摩擦的作用渠道与效果影响巨大。当经济中存在粘性价格时,经济变量特别是产出水平受金融摩擦的冲击比较大。第二,粘性价格与金融摩擦会使经济产生比较明显的衰退,繁荣循环,增强经济的周期性波动,不利用经济的稳定增长。第三,粘性价格会使社会经济效率降低,产出水平下降。
[Abstract]:At present, few scholars at home and abroad have done much to study the influence of financial friction on economic variables by bringing financial friction into the framework of viscous price analysis.This paper combines the viscous price model with the financial friction, and constructs an extended DSGE model which includes financial friction and viscous price. At the same time, using the quarterly data of Q1-2015 Q4 from 1993 to 2015 in China, the paper analyzes the viscous price under the condition of viscous price.The influence channel and effect of financial friction on output gap, interest rate level and inflation rate of main economic variables in real economy.The results show that: first, viscous price has a great influence on the financial friction.When there is a viscous price in the economy, the economic variables, especially the level of output, are greatly impacted by financial friction.Second, the viscous price and financial friction will make the economy more obvious recession, prosperity cycle, enhance the cyclical fluctuations of the economy, do not take advantage of the stable growth of the economy.Third, the viscous price will reduce the socio-economic efficiency and the level of output.
【作者单位】：西安交通大学经济与金融学院;西安外事学院商学院;
【分类号】：F124.8;F726;F832

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