CAJ | 학술논문

国内研究货币规则的文献大多依据＂损失函数最小化＂标准获得货币政策工具的决策准则,而鲜有从一般均衡模型不动点性质的角度评析我国货币政策规则的文章。本文将一个适用于我国转型时期的货币量规则引入一般均衡的MIU模型,拓展了传统的固定货币增长率的货币经济学模型。文章发现：消费者微观偏好和央行货币政策参数会对宏观经济系统的稳定性产生影响。数据分析显示：我国经济系统获致的不动点为鞍点,即存在一条稳定的轨迹使经济系统收敛于均衡状态。文章建议,货币政策部门密切关注居民微观行为演进和央行货币规则微调对经济系统动态特性产生的影响。
국내연구화폐규칙적문헌대다의거＂손실함수최소화＂표준획득화폐정책공구적결책준칙,이선유종일반균형모형불동점성질적각도평석아국화폐정책규칙적문장。본문장일개괄용우아국전형시기적화폐량규칙인입일반균형적MIU모형,탁전료전통적고정화폐증장솔적화폐경제학모형。문장발현：소비자미관편호화앙행화폐정책삼수회대굉관경제계통적은정성산생영향。수거분석현시：아국경제계통획치적불동점위안점,즉존재일조은정적궤적사경제계통수렴우균형상태。문장건의,화폐정책부문밀절관주거민미관행위연진화앙행화폐규칙미조대경제계통동태특성산생적영향。
Most domestic literatures on monetary rules are based upon the standard of ＂loss function minimization＂ to get access to the decision-making guidelines regarding monetary policy tools.While,little article looks the problem concerning the assessment of China＇s monetary policy rule from the angle of fixed point nature in the general equilibrium model.This paper introduces a monetary policy rule compatible with our transitional reform period into a general equilibrium MIU model,which is extended from the traditional fixed-money-growth-rate model.This article argues that：micro-parameters of Consumer preferences and the central bank＇s monetary policy have great impact on macroeconomic stability.Further-more,we put forward three testable propositions.According to macro-level data from China,we find that：Our economic system has a saddle-point equilibria,that is to say,there exists a stable trajectory that the economy will converge to this equilibria.The paper suggests that our monetary policy-makers should pay close attention to the micro—behavior evolution of our residents and the monetary regime changes,which will have significant impact on the dynamic characteristics of our economy.