摘要
自2008年国际金融危机以后,如何更好地发挥金融服务实体经济的效能,越来越成为学者研究的焦点与热点。在此背景下,本文尝试在“金融———实体经济”内生性框架下纳入对金融部门和实体经济部门收益率不均衡的考虑,通过构建包含内生性金融业相对盈利性变量的宏观经济模型,为分析金融业相对盈利性、经济周期和货币政策之间的关系提供了新的思路和方法。本文通过实证研究发现:金融业相对盈利性是影响经济周期的重要因素之一;其次,通过调节金融业相对盈利性可以有效减少宏观经济波动;此外,综合考虑包含金融业相对盈利性因素的货币政策有助于促进实体经济和金融系统的“双稳定”。
Since the international financial crisis in 2008,how to better play the role of financial services in the real economy has become the focus of scholars.In this context,this paper attempts to take into account the unbalanced returns of the financial sector and the real economic sector under the“finance real economy”endogenous framework.By constructing a macroeconomic model that includes the relative profitability variables of the endogenous financial industry,it provides a new way to analyze the relationship between the relative profitability of the financial industry,economic cycle and monetary policy.Through empirical research,this paper finds that the relative profitability of financial industry is also one of the important factors affecting the economic cycle;secondly,by adjusting the relative profitability of financial industry,it can effectively reduce the macroeconomic volatility;in addition,through comprehensive consideration of monetary policy including the relative profitability of financial industry,it can help to promote the“double stability”of the real economy and financial system.
作者
吕洋
武志胜
LV Yang;WU Zhi-sheng(Jiayuguan central branch of the people's bank of china;Industrial and Commercial Bank of China Yangquan Branch)
出处
《当代金融研究》
2020年第1期28-37,共10页
Journal of Contemporary Financial Research
关键词
金融业相对盈利性
经济波动
货币政策
Relative Profitability of Financial Industry
Economic Fluctuation
Monetary Policy
作者简介
吕洋,中国人民银行嘉峪关市中心支行,研究方向:西方经济学;武志胜,中国工商银行阳泉分行,研究方向:金融学。
