摘要
将居民杠杆率、企业杠杆率、银行杠杆率、政府杠杆率引入多部门的DSGE系统,研究了居民杠杆率、企业杠杆率、银行杠杆率、政府杠杆率对利率冲击的反应。结果表明,利率冲击导致居民杠杆率、企业杠杆率与政府杠杆率上升,银行杠杆率下降。当银行竞争程度减弱时,居民杠杆率增加,企业杠杆率变化不大,银行杠杆率在初始阶段有所升高,随后开始下降,政府杠杆率下降,且随时间推移降幅增大。当银行的竞争程度提高时,发生货币政策冲击后,社会总的福利水平有所改进。
This paper introduce household leverage, enterprise leverage, bank leverage, and government leverage into DSGE and study the impact on thsese leverages above by shock from rate. The study shows that household leverage, enterprise leverage, and government leverage increase and bank leverage decrease in results of rate shock. House leverage increase;enterprise leverage change little;bank leverage rise a little for the initial phase, and then go down subsequently;government leverage go down,and gather way with time going on condition that the lvel of competition weak. The socialwelfare improve after shock form moneytary policy happen on condition that the lvel of competition strenthen.
作者
周俊仰
连飞
Zhou Junyang;Lian Fei
出处
《金融理论与实践》
北大核心
2019年第8期8-16,共9页
Financial Theory and Practice
关键词
利率冲击
杠杆率
银行竞争程度
DSGE模型
interest rate shock
leverage rate
bank competition degree
DSGE model
作者简介
周俊仰(1982-),男,山东青岛人,经济学博士,研究方向:货币经济学,金融市场;连飞(1983-),男,吉林松原人,经济学博士,高级经济师,研究方向:货币经济学,统计学。
