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本文基于中国基本国情,将两类货币政策调节手段——市场化的利率调节和非市场化的信贷指导——植入基础模型,建立一个新凯恩斯框架下的动态随机一般均衡模型,分析不同货币政策工具对经济和金融部门的影响。研究结果表明:央行通过窗口指导对商业银行施加的信贷控制与常规的公开市场业务一样都能够引导实体经济、平滑经济波动、增加社会福利,且随着央行信贷指导力度的增强其对经济的平滑作用越明显。与此同时,非市场化的调节手段会加剧金融市场利率的扭曲,导致金融中介效率低下。
Based on China’s basic national conditions, this paper embeds two types of monetary policy adjustment methods - market-based interest rate adjustment and non-market credit guidance into the basic model, establishes a dynamic stochastic general equilibrium model under the new Keynesian framework, analyzes different currencies Impact of policy instruments on the economy and the financial sector. The result shows that the credit control exercised by the central bank through the window guidance to the commercial bank can guide the real economy, smooth the economic fluctuation and increase the social welfare, just like the conventional open market business. And as the central bank’s credit guidance strengthens its economic smoothness The more obvious the role. In the meantime, nonmarket measures will exacerbate distortions in the interest rates in financial markets, resulting in inefficient financial intermediation.