开放经济DSGE模型下我国货币政策规则的选择

基于开放经济的DSGE模型框架,对我国货币政策规则所产生的效果进行了比较分析,结果得出,相比于单一使用货币供应量规则或利率规则,混合规则下,货币政策能够更有效地影响产出和通货膨胀,而技术冲击所引起的产出波动较小,通货膨胀波动略大。因此,我国更适合使用混合的货币政策规则。

Monetary Policy Rules of China under the Framework of Open Economy DSGE Models

This paper makes a comparative analysis of monetary policy rules of China under the framework of DSGE model.The results show that the hybrid rules is a more effective monetary policy,comparing with to single use money supply rules and interest rate rules,because it can significantly affect output and inflation,and technological impact on output fluctuations caused by small fluctuations in inflation,slightly larger.Therefore,hybrid rule is more suitable for use in China.