CAJ | 학술논문

　　通过构建并校准一个包含失业与物质资本的新凯恩斯主义货币政策动态随机一般均衡框架，笔者考察了存在失业情形的中国最优货币政策问题。笔者分别考察与比较了最优相机抉择货币政策、完全承诺以及严格盯住通货膨胀、严格盯住工资通胀、混合规则等最优简单货币政策规则下的社会福利损失，结果表明混合规则的最优简单货币政策规则所带来的社会福利损失与最优货币政策规则最为接近。这一结论对于失业问题日益严峻背景下我国货币政策盯住目标的选取具有重要的现实意义。
　　통과구건병교준일개포함실업여물질자본적신개은사주의화폐정책동태수궤일반균형광가，필자고찰료존재실업정형적중국최우화폐정책문제。필자분별고찰여비교료최우상궤결택화폐정책、완전승낙이급엄격정주통화팽창、엄격정주공자통창、혼합규칙등최우간단화폐정책규칙하적사회복리손실，결과표명혼합규칙적최우간단화폐정책규칙소대래적사회복리손실여최우화폐정책규칙최위접근。저일결론대우실업문제일익엄준배경하아국화폐정책정주목표적선취구유중요적현실의의。
This paper considers the optimal policy in China through constructing and calibrating a new Keynesian monetary policy dynamic general equilibrium model with unemployment and physical capital .And we find that the optimal policy lead to the least social welfare loss .Based on this, we investigate the optimal discretionary, commitment and the optimal simple rule and the social welfare loss caused by these policies . The results show that the optimal simple rule targeting inflation and wage inflation mostly approximates the op -timal policy rule.This conclusion has important policy implications for China′s economy.