中国货币政策的分配效应:一个开放经济的视角

在一个包含贸易部门与非贸易部门的开放经济NK-DSGE模型中，考察了货币政策的分配效应。研究发现，基准货币政策下，贸易部门积极的技术冲击对于不同类型家庭消费和实际工资具有不同的动态冲击效应，并且引起消费不平等与收入不平等的上升。在此基础上，政策评价的结果显示；（1）最优货币政策倾向于降低消费不平等与收入不平等；（2）严格盯住经济增长的货币政策在最大程度上导致了消费不平等与收入不平等的恶化，盯住名义汇率的货币政策则次之；（3）盯住实际汇率的货币政策对于消费不平等与收入不平等的影响与最优货币政策最为接近。因此，针对最小化货币政策分配效应所引致的不平等，货币政策应该对实际汇率做出反应。

The Distribution Effects of China's Monetary Policy: An Open Economy Perspective

In this paper, we consider a open economy NK-DSGE model with trade and nontrade sector, and investigate the distribution effects of China's monetary policy. The result shows that, consumption and real wage belongs to different household behaves differently, and consumption inequality and income inequality significantly upward when the positive technology shocks of trade sector shots the economy. Based on this, the result of policy evaluation argues that:(1)the optimal policy tends to decrease consumption inequality and income inequality;(2)if strict growth targeting policy implemented, consumption inequality and income inequality tends to the largest range of deterioration, and the nominal exchange rate targeting policy follows;(3)the impact of real exchange rate targeting policy on consumption inequality and income inequality is closer to optimal policy than other policy regime. Therefore, based on the perspective of the inequality that led by the distribution effect of monetary policy, monetary policy should respond to real exchange rate.