CAJ | 학술논문

货币政策对居民收入分配的影响正目益受到研究者和决策者的关注。本文通过运用一个包含城乡居民两类家庭的DSGE模型，以我国2001-2012年含有131个变量的宏观数据为样本，进行FAVAR实证检验。研究结果表明，价格型的货币政策冲击对城乡居民收入的影响并不明显，城乡居民收入对价格型的货币政策冲击反应具有不确定性；数量型的货币政策对城乡居民收入的冲击效应较为明显，数量型量化宽松货币政策有助于拉动城镇居民的收入增长，但对农村居民收入会产生抑制作用。
화폐정책대거민수입분배적영향정목익수도연구자화결책자적관주。본문통과운용일개포함성향거민량류가정적DSGE모형，이아국2001-2012년함유131개변량적굉관수거위양본，진행FAVAR실증검험。연구결과표명，개격형적화폐정책충격대성향거민수입적영향병불명현，성향거민수입대개격형적화폐정책충격반응구유불학정성；수량형적화폐정책대성향거민수입적충격효응교위명현，수량형양화관송화폐정책유조우랍동성진거민적수입증장，단대농촌거민수입회산생억제작용。
The monetary policy's impacts on income distribution are often overlooked. In this paper, the application of DSGE model includes a two-resident family. The FAVAR test contains 131 variables and uses China's 2001-2012 macro data for samples. The results show that: the price impact of monetary policy on the income of urban and rural residents is not significant; namely, the income of urban and rural residents to price impact of monetary policy reaction is uncertain;the quantitative effect of monetary policy on the income impact of urban and rural residents is significant; the quantity of quantitative easing helps drive the urban residents' income growth, but restrain the income growth of the rural residents.