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本文在动态一般均衡框架内探讨投资融资约束冲击的动态特性,构建了一个新凯恩斯主义刚性价格模型,通过扩展传统的货币先行约束,引入投资的融资约束冲击。模型的动态结果很好地解释了数据中的发现。为了从理论上讨论货币政策规则应对该冲击的能力及其机理,我们分别模拟了不同参数的泰勒规则和货币供给规则,结果显示:盯住通货膨胀和产出缺口的货币政策能够较好地对冲投资融资约束冲击的负面影响。该理论结果为金融危机时期的中国货币政策提供了有益的建议。
This paper explores the dynamic characteristics of investment and financing constraint shocks in the framework of dynamic general equilibrium and constructs a new Keynesian rigid price model. By extending the traditional monetary precedence constraint, this paper introduces the financing constraint impact of investment. The dynamic results of the model provide a good explanation for the findings in the data. In order to theoretically discuss the ability and mechanism of the monetary policy to deal with the impact, we respectively simulate the Taylor rule and the money supply rule with different parameters. The results show that the monetary policy that pegs into inflation and output gap can hedge better Negative Impact of Investment Financing Constraints Impact. The theoretical result provides useful suggestions for China’s monetary policy during the financial crisis.