不完全资本市场、预防性储蓄与通货膨胀的福利成本分析

本文假设不完全资本市场条件下个体的自我保险为持币的主要动机,在总体风险和个体风险的框架下,讨论了通货膨胀对异质个体福利的影响。研究表明:对于像中国这样一个有很强信贷约束的不完全资本市场国家,本方法比传统基于MIU和CIA的模型更能反映通货膨胀对中国居民福利的影响。传统的方法低估了对像中国这样的国家中个体的通货膨胀福利成本。此外研究还表明,平均失业期对个体造成的通货膨胀成本影响很大。那些没有储蓄计划个体的出现减少了所有个体的平均福利。通过对总体风险的讨论,我们发现较高的失业率(平均失业期)将大大增加通货膨胀的成本,而工作分享计划则是一种降低通货膨胀成本的好措施。

INCOMPLETE FINANCIAL MARKET,PRECAUTIONARY SAVING AND WELFARE COST OF INFLATION

The paper examines the welfare cost of inflation in an incomplete financial economy where heterogeneous agents hold money for self-insurance in the face of aggregate risks and idiosyncratic risks. Different from traditional models based on MIU and CIA assumptions,the model is more suitable for measuring costs of inflation in a country,such as China with strong credit constraints in incomplete financial markets. The traditional method underestimates the impact of inflation on agent welfare in countries such ...