CAJ | 학술논문

为考察扩张性货币冲击对家庭消费支出的影响方向和大小,本文首先在动态随机一般均衡框架内构建企业的营运资本模型,货币扩张通过银行向企业提供的营运资本信贷影响整体经济。理论模型的数值模拟结果显示,如果家庭支出中只有消费受到流动性约束,货币扩张对消费支出产生负向效应;如果家庭的消费和投资支出都受到流动性约束,并且投资存在实际摩擦,货币扩张对消费产生正向效应。文章随后利用中国宏观经济季度数据,运用结构向量自回归（SVAR）模型进行了经验研究。基于长期约束条件和符号约束条件的SVAR模型的计量结果均说明,我国经济中的扩张性货币冲击促进了家庭的消费支出。经验研究支持了理论模型中的投资约束假设。
위고찰확장성화폐충격대가정소비지출적영향방향화대소,본문수선재동태수궤일반균형광가내구건기업적영운자본모형,화폐확장통과은행향기업제공적영운자본신대영향정체경제。이론모형적수치모의결과현시,여과가정지출중지유소비수도류동성약속,화폐확장대소비지출산생부향효응;여과가정적소비화투자지출도수도류동성약속,병차투자존재실제마찰,화폐확장대소비산생정향효응。문장수후이용중국굉관경제계도수거,운용결구향량자회귀（SVAR）모형진행료경험연구。기우장기약속조건화부호약속조건적SVAR모형적계량결과균설명,아국경제중적확장성화폐충격촉진료가정적소비지출。경험연구지지료이론모형중적투자약속가설。
To investigate the effect of expansionary monetary shock on the direction and magnitude of household consumption expenditures, this paper constructs working capital models in the dynamic stochastic general equilibrium framework. Monetary expansion influences economy through the bank＇s loans to firms＇ working capital. The numerical simulations of the theoretical models show that,if household consumption expenditures are only subject to liquidity constraints,monetary expansion on consumer spending has a negative effect; If household consumption and investment expenditures are subject to liquidity constraints and actual investment friction,monetary expansion has a positive effect on consumption. Then with Chinese quarterly macroeconomic data,we use the structural vector auto regression（ SVAR） model for empirical research. Results of SVAR model based on long- term constraints and sign constraints show that expansionary monetary shocks promote household consumption expenditures in China. This conclusion supports the investment constraint hypothesis proposed by the theoretical model.