中国转轨时期的货币非超中性和通货膨胀——兼论中国货币政策双重目标的体制根源

本文通过引入一个含有资本品生产不对称信息和消费品生产流动性约束的干中学世代交叠模型,证实了在干中学发展阶段和金融欠发达共同作用下,中国需要实行国家隐性担保和利率管制相配合的金融体制,并实行适应性货币政策,激励银行信用扩张,加速企业投资和经济增长。运用该模型能够较好地解释中国转轨时期正的货币非超中性和通货膨胀并存格局,并在此基础上剖析相应的兼顾经济增长和通货膨胀控制的货币政策双重目标体制根源。

China's Non-super Neutrality of Money and Inflation During A Period of Economic Transition

Using a learning-by-doing overlapping generations model with asymmetric information of capital goods production and consumption goods liquidity constraints,this paper proves that China needs a financial system with government implicit guarantee for bank credit and the control of interest rate under the combined action of learning-by-doing economic growth and less developed finance and a adapting monetary policy to motivate bank credit expansion and enhance enterprise investment and economic growth.Employing...