中国经济开放度与货币政策有效性研究

在Hau(2000)模型中引入工资交错调整和交易成本假设,以此构建开放经济条件下货币政策有效性分析基础模型,并通过一般均衡分析后发现,经济开放对货币政策的最终目标——价格稳定和产出增长都会产生影响。贸易开放程度和金融开放程度的加深,将增强货币供给对短期汇率调整的影响;而经济开放度的加深,虽然在短期内会削弱货币政策对产出的影响,但从长期来看,将会对产出调整起积极作用。同时,运用校准法模拟分析后发现,随着我国经济开放度的提高,货币政策调节短期消费和产出的能力将会下降,特别是宽松的货币政策将更多地表现在汇率波动上。

A Study of China's Economic Openness and the Effectiveness of Monetary Policy

This paper inducts wage staggered adjustment and transaction costs assumptions into Hau(2000) model,on which a basic model is established to analyze the effectiveness of monetary policy under the conditions of the open economy.Through a general equilibrium analysis,it is found that the economic openness would have an influence on the ultimate goal of monetary policy: price stability and output growth.The deepening of the degree of trade openness and the degree of financial openness will strengthen the impac...