华东师范大学学报(哲学社会科学版) ›› 2006, Vol. 38 ›› Issue (4): 86-91.doi: 10.16382/j.cnki.1000-5579.2006.04.013

• 金融问题研究 • 上一篇    下一篇

我国货币政策效果的一般均衡分析

方显仓   

  1. 华东师范大学 商学院，上海 200062
  • 收稿日期:2005-10-25 出版日期:2006-07-25 发布日期:2006-09-10
  • 作者简介:方显仓(1971-)，男，安徽六安人。华东师范大学商学院副教授，博士

A General Equilibrium Analysis of Effects of China's Monetary Policy

Xian-cang FANG   

  1. School of Business, East China Normal Uninersity, Shanghai 200062，China
  • Received:2005-10-25 Online:2006-07-25 Published:2006-09-10

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摘要：

在对银行信贷、企业投资借贷和居民消费等行为进行建模的基础上, 就我国货币政策的效果进行一般均衡分析后发现, 银行垄断的市场结构不利于信贷供给增加; 预期通货膨胀(紧缩) 也不利于信贷供给和信贷需求的收缩(扩张); 由于降息的收入效应大于替代效应, 跨期消费选择引起内需不足, 消费下降。因此, 要强化货币政策传导效果, 必须完善金融体系, 消除通货膨胀或紧缩环境。

关键词: 货币政策, 一般均衡, 信贷, 跨期消费, 利息政策

Abstract:

In order to study our country's monetary policy, we try to set up a general equilibrium model for a bank's credit behaviors, an enterprise's investment behaviors and residents' consumption behaviors.We demonstrate in theory that, on condition of general equilibrium, a market structure of bank monopoly is disadvantageous to the increase of credit supply; the domestic consumption demand is away from sufficiency because the income effect of reducing interest rates is greater than the substitution effect; an expected inflationary or deflationary situation is not helpful to reduce or increase credit supply and credit demand.So the effect of our monetary policy has been and will be inefficient.

Key words: monetary policy, general equilibrium analysis, credit, intertemporal consumption, interest rate policy

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