CAJ | 학술논문

在金融加速器模型的基础上，本文构建了含有企业异质性的动态随机一般均衡模型，并以此考察了我国货币政策对不同规模企业的非对称效应。研究结果表明，相对于大企业，中小企业更易受到紧缩性货币政策冲击的影响，中小企业产出下降幅度约是大企业的三倍。造成这种非对称效应的主要原因在于中小企业外部融资受到限制。此外，货币政策冲击通过信贷市场放大了经济波动，经济中存在着明显的金融加速器效应现象。因此，央行在制定货币政策时应考虑到货币政策对不同规模企业的非对称效应，并谨慎选择名义利率的调整幅度。
재금융가속기모형적기출상，본문구건료함유기업이질성적동태수궤일반균형모형，병이차고찰료아국화폐정책대불동규모기업적비대칭효응。연구결과표명，상대우대기업，중소기업경역수도긴축성화폐정책충격적영향，중소기업산출하강폭도약시대기업적삼배。조성저충비대칭효응적주요원인재우중소기업외부융자수도한제。차외，화폐정책충격통과신대시장방대료경제파동，경제중존재착명현적금융가속기효응현상。인차，앙행재제정화폐정책시응고필도화폐정책대불동규모기업적비대칭효응，병근신선택명의리솔적조정폭도。
Based on the financial accelerator theory, this paper introduces the heterogeneity of enter- prises into a DSGE model, to investigate the asymmetric effects of monetary policy on enterprises of dif- ferent scales in China. The main conclusions of this paper are： the small-sized enterprises respond more strongly than large-sized enterprises when the nominal interest rate is adjusted. The output of small-sized enterprises decreases nearly three times as large-sized enterprises do, because of the large gap in the finan- cing capacity of heterogeneous enterprises. In addition, monetary policy shocks are amplified by credit market, and there is a significant effect of financial accelerator in the economy of China. Consequently, the monetary policy tools should be chosen cautiously according to the asymmetric effects on enterprises of different scales.