货币政策与风险偏好关系研究——基于动态随机一般均衡模型

为了研究中国货币政策与家庭风险偏好之间的关系,在DSGE框架下运用方差分解和脉冲响应等方法分析不同风险偏好条件下利率冲击和货币供给冲击等对中国经济波动的影响;研究结果表明:首先,货币政策方面的冲击解释了中国经济的大部分波动;其次,代表性家庭风险偏好越小,经济对货币供给变动的反应越灵敏。

The Study on the Relationship between the Monetary Policy and Risk Preference --Based on the dynamic stochastic general equilibrium model

In order toanalyse the relationship between the monetary policy of China and the risk preferenceof the agent family, we use variance de- composition and impulse response method to studytheimpact of interest rate and money supply shocks on the fluctuation of China＇s economy under the different risk preference on theDynamic Stochastic General Equilibrium （DSGE）model; The results show that： firstly, the Chinese economy fluctuation could be explainedmost by the shock of the monetary policy; Secondly , thesmaller of therisk preferenceof the agent family, the more sensitive of the changeof the money supply.