金融稳定与加速器效应的非对称性

本文在传统BGG模型的基础上,通过构建一个包含银行部门(不)稳定度的随机动态一般均衡模型(DSGE),从金融稳定的视角揭示加速器效应非对称性的微观机理及其对宏观经济的影响。结论表明:金融加速器的放大机制受到企业自身经营状况和银行机会成本的双重影响;金融不稳定因素通过预期违约损失的方式影响银行部门的机会成本,进而改变放大弹性,最终对加速器效应起到放大作用。因此,当金融部门不稳定时,金融加速器效应更为显著。

Financial Stability and the Asymmetry Accelerator Effect

On the basis of traditional BGG model and by developing a dynamic stochastic general equilibrium model(DSGE) that includes a(in) banking stability,this paper,from the perspective of financial stability,attempts to probe into the microscopic mechanism of asymmetry of financial accelerator effect and its macroeconomic impact.It concludes that the amplification mechanism of financial accelerator is affected by both enterprises' operating status and the opportunity cost of banking departments.By means of expect...