当前收入分配差距问题在全世界范围内仍然很突出,关于货币政策这项重要的宏观经济政策,国外已经开展了货币政策的收入分配效应的研究,而国内关于这方面鲜有的几个研究还需要改进。本文建立了包含家庭、厂商、货币当局等部门的新凯恩斯动态随机一般均衡(DSGE)模型,区分出高收入和低收入家庭,在此基础上研究货币政策的收入分配效应。研究结果表明,货币供应量上升的冲击导致利率的下降,使得高收入者、低收入者利息收入下降,短期内缩小了收入差距,然而降息对低收入者财产性收入的影响更大,最终造成收入差距略有扩大。
Due to the still serious income gap all over the world, many researches on the income distribution effect of monetary policy have been carried out both at home and abroad. The paper establishes a Neo-Keynesian Dynamic Stochastic General Equilibrium(DSGE) model which includes family, firm, and the monetary authority to research income distribution effect by distinguishing the high and low income family. The results show that the increase of money supply results in the decrease of interest rate, thus declining the interest of high and low income families so as to narrow income gap in a short term. However, the decline of interest rate has an even greater impact on low income family's property, and slightly broadening income gap finally.