欢迎您！东篱公司
退出
-
申报数据库
-
立项数据库
-
成果数据库
-
项目获奖数据库
中文摘要：
文章构建了一个包含股票市场财富效应和稳态股利水平且反映中国现实特征的DSGE模型,通过扩展的货币政策泰勒规则,考察了面对技术冲击、利率冲击和股票市场冲击时,中央银行应如何制定货币政策以保持产出、价格和股票市场的稳定,并尽可能地降低社会福利损失。结果表明,货币政策考虑股价波动能够有效降低社会福利损失;中央银行存在多重调控目标时需要注意区分冲击的类型来相机抉择,在利率冲击下,货币政策应当对股价波动做出反应,而在技术冲击和股票市场冲击下,则需要在各个经济变量之间进行权衡。
英文摘要：
This paper builds a dynamic stochastic general equilibrium（DSGE）model which contains the wealth effect of the stock market and a steady-state rate of dividends,and uses extended Taylor rule of money policy to investigate money policy the central bank facing technology,interest rates and stock market shocks should formulate to maintain outcomes,prices and stock market stable and reduce social welfare losses as much as possible.The results show that monetary policy taking the volatility of stock prices into account can reduce social welfare losses effectively.Besides,when the central bank has more than one control targets,it requires discretionary policy according to the types of shocks.Facing interest rates shock,the central bank should respond to the volatility of stock prices;and when facing technology and stock market shocks,it makes a tradeoff between each economic variables.
同期刊论文项目
同项目期刊论文
期刊信息
位置：