CAJ | 학술논문

建立包含时变通胀目标的新凯恩斯DSGE模型,研究在分别使用数量型和价格型的货币政策工具的情况下通胀目标变动冲击对中国经济波动的影响.结果显示：在两种情况下,通胀目标变动冲击对通货膨胀和利率的波动均产生重要影响;当使用数量型货币政策工具时,通胀目标变动冲击是导致产出波动的主要因素;整体而言,价格型货币政策工具的调控效果要优于数量型货币政策工具.提出：我国央行应保持货币政策的连续性和稳定性,形成长期稳定的通胀目标,并使货币政策调控模式逐步向价格型调控模式转移.
건립포함시변통창목표적신개은사DSGE모형,연구재분별사용수량형화개격형적화폐정책공구적정황하통창목표변동충격대중국경제파동적영향.결과현시：재량충정황하,통창목표변동충격대통화팽창화리솔적파동균산생중요영향;당사용수량형화폐정책공구시,통창목표변동충격시도치산출파동적주요인소;정체이언,개격형화폐정책공구적조공효과요우우수량형화폐정책공구.제출：아국앙행응보지화폐정책적련속성화은정성,형성장기은정적통창목표,병사화폐정책조공모식축보향개격형조공모식전이.
This paper constructs a dynamic stochastic general equilibrium（DSGE） model with time-varying inflation target to study the effects of inflation target shock on economic fluctuation under different monetary policy instruments. The result shows as follows：inflation target shock is the main source of the fluctuation in nominal variables,and is also the main source of the fluctuation of output under the quantity instrument; overall, the regulation effect of price instrument is better than that of quantity instrument. Finally,it proposes that China＇s central bank should maintain the continuity and stability of monetary policy to form a long-run stable inflation target,and use price instrument to stabilize macro e- conomy aggressively.