CAJ | 학술논문

基于一个包含企业进入和退出的双重名义刚性NKMP－DSGE模型，考察了中国经济波动问题。研究发现，与已有研究相比，外生冲击可以通过影响企业进入和退出进而影响宏观经济。总需求冲击的贝叶斯脉冲响应函数显著支持了我国政府在金融危机期间采用非常规货币政策刺激经济的做法；进入成本冲击的贝叶斯脉冲响应函数表明，降低融资难度和融资成本，提高政府公共服务效率，将有利于新企业的建立和经济增长。这一结论显著支持了央行定向降准的做法。
기우일개포함기업진입화퇴출적쌍중명의강성NKMP－DSGE모형，고찰료중국경제파동문제。연구발현，여이유연구상비，외생충격가이통과영향기업진입화퇴출진이영향굉관경제。총수구충격적패협사맥충향응함수현저지지료아국정부재금융위궤기간채용비상규화폐정책자격경제적주법；진입성본충격적패협사맥충향응함수표명，강저융자난도화융자성본，제고정부공공복무효솔，장유리우신기업적건립화경제증장。저일결론현저지지료앙행정향강준적주법。
This paper,based on a dual-nominal rigidities NKMP-DSGE model with firm dynamics,investigates the economic fluc-tuations in China.The research finds that compared to other studies,exogenous shocks may affect firm dynamics which further affects the whole economy.The Bayesian impulse response function of aggregate demand shocks remarkably support the unconventional govern-ment-posing monetary policy to stimulate economy during the financial crisis.Also,the Bayesian impulse response function of the en-try cost shocks argues that providing more easily available financing,reducing financing cost and improving the efficiency of public service can benefit the establishment of new enterprises and thus the economic growth.This conclusion significantly supports the policy of directional lower the reserve requirement ratio.