【作者】 彭杰；

【导师】 邓翔；

【作者基本信息】 四川大学 ， 统计学， 2024， 博士

【摘要】 党的二十大报告指出,“中国式现代化是全体人民共同富裕的现代化。要着力维护和促进社会公平正义,着力促进全体人民共同富裕,坚决防止两极分化。”共同富裕是发展和共享的统一,其目的是促进低收入人群发展和经济不平等程度的下降。宏观经济政策及其变化是影响经济不平等的重要因素,作为宏观经济政策的重要组成部分,货币政策对经济不平等具有重要影响,该问题受到Bernanke等大量经济学者和政府的关注。特别是,2008年金融危机以来,中国人民银行加快了货币政策工具创新,货币政策在中国调控宏观经济中的作用和地位更加凸显。为解决中国经济的“结构性”问题,2013年中国人民银行先后创设了短期流动性调节工具、常备借贷便利工具等一系列新型货币政策工具。新冠肺炎疫情后,为加快经济恢复,推进经济结构转型,并应对房地产市场低迷及国内有效需求不足等问题,中国人民银行创设了多种定向借贷便利、定向再贷款和房企信贷支持工具等,如2024年9月,中国人民银行创设了证券、基金、保险公司互换便利,促进股票市场平稳发展。可见结构性货币政策逐渐成为中国人民银行调控经济运行的重要法宝。在此背景下,回答货币政策对经济不平等具有何种影响,无疑是当前及今后政策界和学术界亟待回答的重要议题。为此,本研究聚焦如下问题:不同的货币政策如何影响经济不平等,存在何种传导机制?不同货币政策对经济不平等和经济福利的影响存在何种差异?结合中国住房需求低迷、政府降低购房首付等现实,回答住房需求冲击、政府政策冲击、房企贷款供给冲击等对经济不平等和宏观经济的影响?围绕货币政策的这一系列问题的讨论具有十分重要的理论意义和现实意义,但目前尚未有系统性研究,甚至对某些方面的研究仍是一片空白,且已有的相关研究结论大相径庭。本文正是基于以上现实背景和问题导向,综合使用归纳与演绎分析、数理分析、统计分析和计量分析等方法,结合经济学、统计学等理论知识,深入研究了货币政策对经济不平等的影响及传导机制。本文的主要内容包括:总论部分在界定相关概念、梳理国内外研究文献的基础上,首先介绍了本文的研究内容与研究思路、研究方法和技术路线。其次,对本研究需借鉴的货币政策有效性理论、货币政策分配效应理论,以及经济不平等相关理论进行了系统性介绍,厘清了货币政策影响经济不平等可能的渠道。接下来,分别分析了中国总量货币政策、结构性货币政策和国外货币政策的实践与特点。最后,结合CFPS数据库,分别从收入不平等、消费不平等和财富不平等三个角度分析了中国经济不平等的发展现状与变化特点,揭示了中国经济不平等的变化趋势以及存在的问题。分论部分从收入、消费和财富视角,分别构建包含多部门异质性和金融摩擦等特征的NK-DSGE模型,深入研究了货币政策对经济不平等的影响和传导机制。首先,本文基于中国企业产权特征和银行的规模特征,建立了同时包含家庭、企业和银行异质性的NK-DSGE模型,使模型能同时研究总量和结构性货币政策对收入不平等的影响及其福利效应。同时,通过改变参数,检验了模型结论的稳健性并拓展研究了不同收入不平等下,货币政策的作用效果,为关注货币政策的经济不平等效应提供了证据。其次,在三部门异质性NK-DSGE模型的基础上,基于购房支出在居民消费支出中的重要性,以及房价变动可能影响消费及消费不平等的经验证据,将房地产部门引入模型,同时考虑家庭通过抵押借贷购买住房和家庭与银行间的代理问题,在模型中加入了家庭借贷约束和金融脆弱性,构建了包含家庭、企业和银行异质性及房地产部门和金融摩擦等特征的NK-DSGE模型,分析了不同货币政策及同种货币政策下不同规则对消费不平等的影响和传导机制,并对结论进行了敏感性分析,研究了不同政策的福利效应,拓展性讨论了当前住房需求负向冲击及贷款价值比上升对宏观经济和消费不平等的影响。最后,基于住房和房贷分别是中国家庭资产和负债的核心部分,考虑住房资产是家庭财富不平等的主要来源的经验事实,以及房地产企业严重依赖于银行融资和中国房地产企业面临的融资困境,改变企业划分,将企业部门分为生产型企业和房地产企业,并引入房地产企业融资约束。同时,结合中国的宏观监管框架,引入宏观审慎,构建包含家庭、企业和银行异质性及金融摩擦、金融脆弱性、宏观审慎的NK-DSGE模型,系统研究不同货币政策及宏观审慎政策对财富不平等和宏观经济变量的影响及其福利效应,并拓展性分析了当前房地产需求、房企贷款供给和住房估值负向冲击下,宏观经济变量和财富不平等的变动特征。论文的研究结论如下:第一,中国使用货币政策调控经济运行的频率逐渐变高。考虑到总量货币政策存在显著的结构性效应、维护金融稳定的能力不足,可能带来金融资源配置失衡等问题,中国人民银行不断创设新的货币政策工具,主要表现为结构性货币政策工具的不断增加,且日益成为货币政策工具箱中的重要组成部分,多层次、多种类的货币政策工具为促进中国经济高质量发展提供了有力保障。同时,2009年至2019年,中国的经济不平等总体上表现为下降的趋势,受新冠肺炎疫情影响,2021年有所波动,样本期间内,居民的收入、消费和财富均有显著提升。第二,宽松的总量货币政策冲击将引起收入不平等上升,而宽松的结构性货币政策将带来收入不平等的下降。总量货币政策冲击发生前期,小企业的融资风险溢价有较大幅度下降,其扩张幅度大于大企业,带来非李嘉图家庭收入增加更多和收入不平等的下降。但由于大企业的融资利率下降更为持久,收入不平等在后期将逐渐上升,进而使收入不平等总体有所上升。结构性货币政策的作用范围和力度均小于总量货币政策,宽松的结构性货币政策有助于增加非李嘉图家庭的劳动收入,减小收入不平等。作用效果上,总量货币政策中,宽松的数量型货币政策、价格型货币政策和存款准备金率对收入不平等的提升作用依次减小。结构性货币政策工具中,定向降息、定向再贷款和定向降准降低收入不平等的作用依次减小。福利方面,总量货币政策中,宽松的数量型货币政策、泰勒规则和存款准备金率政策的福利损失逐渐减小,结构性货币政策中,定向降息、定向再贷款和定向降准的福利损失逐步减小。结构性货币政策不仅可以带来更小的福利损失,而且有助于减小收入不平等,解决小微企业融资难题。敏感性分析表明,货币政策对收入不平等影响的结论是稳健的,且收入不平等的变动将影响货币政策的效果,减小其对经济的刺激作用,而小企业占比的增加会扩大宽松货币政策的刺激效果。第三,无论是数量规则,还是价格规则,宽松的货币政策均有助于减小消费不平等。传导机制上,宽松的货币政策通过增加家庭收入和降低利率,减小当期消费的跨期成本,提高消费。由于借贷家庭具有更高的边际消费倾向且耐心程度更低,其消费增加更多,因而消费不平等将减小。作用效果方面,总量货币政策中,宽松的价格规则、数量规则和存款准备金率使消费不平等的降幅依次减小。结构性货币政策中,定向降准、定向再贷款、定向借贷便利使消费不平等的降幅依次递减,数量规则的作用和持续时间略大于价格规则,但价格型定向借贷便利的作用效果强于数量型。借贷便利政策对缓解小银行流动性问题具有不可替代的作用,在考虑小银行的流动性风险后,定向借贷便利政策对主要宏观变量的作用效果与未考虑时基本一致。总体上,结构性货币政策对消费不平等和产出的作用效果小于总量货币政策,小企业占比变动时,货币政策的作用效果及对消费不平等的影响基本不变。福利方面,结构性货币政策不仅有助于优化经济结构,还有助于减小经济波动,其对社会福利造成的损失小于总量货币政策。住房需求下降时,实际利率将下行,总产出减少,消费不平等上升。住房贷款价值比上升时,借贷家庭的住房总需求、社会总消费和总产出将增加,同时消费不平等将下降。第四,总体上,宽松的货币政策都将增加财富不平等,结构货币政策中,价格型货币政策对财富不平等的提升作用更大。传导机制上,宽松的总量货币政策主要通过影响利率和房地产价格,从而影响家庭的住房需求和借贷,进而改变家庭的财富,带来财富不平等的变动。针对房企的宽松结构性货币政策对财富不平等的影响比总量货币政策小,宽松的结构性货币政策有助于为房地产企业融资提供便利,降低房地产企业的融资利率,但也将带来房价降低并影响实际利率,导致财富不平等上升。虽然宏观审慎政策有助于抑制家庭的过度借贷行为,并减小系统性金融风险,但加入宏观审慎政策后,降低利率将使财富不平等的波动更大。福利分析结果表明,总量货币政策对社会福利的影响大于结构性货币政策,其中泰勒规则、数量型货币政策、存款准备金率政策造成的福利损失逐渐减小,定向再贷款引起的福利变动小于定向借贷便利,加入宏观审慎政策后,降低利率的福利损失将变大。负向的房地产需求冲击、房企贷款供给冲击和住房估值冲击都将扩大财富不平等,并导致房地产企业产出和总产出下降。论文的创新点包括三个方面:第一,构建了可同时研究总量和结构性货币政策,以及不同货币政策规则影响经济不平等的NK-DSGE模型。已有研究多关注总量货币政策对经济不平等某一方面的影响,对结构性货币政策的研究较少。作为中国货币政策的重要组成部分,结构性货币政策与总量货币政策的作用对象和传导机制存在显著差异,因而对经济不平等的影响存在明显差别。因此,本文构建了能同时研究总量和结构性货币政策的动态随机一般均衡模型,不仅更贴合中国的经济特征和货币政策框架,也有助于对比结构性货币政策与总量货币政策对经济不平等影响的异同,解释两者在政策传导上和作用效果上的差异,丰富和深化了货币政策的相关研究。第二,通过将家庭等多个部门的异质性纳入理论模型,建立了系统研究货币政策影响经济不平等的理论框架体系,在一定程度上完善和拓展了现有关于经济不平等的研究。虽然关于货币政策和经济不平等的文献已较为丰富,但大多数研究主要基于不同国家的数据进行实证分析,研究结论分歧较大。少数文献通过构建一般均衡模型探索货币政策影响经济不平等的理论机制,但仅纳入了价格黏性或仅考察了经济不平等的某一方面,鲜有文献同时考虑企业和金融中介的异质性等因素,这难以体现货币政策在传导中产生的结构性差异和对经济不平等的影响。同时,由于金融摩擦能放大冲击对经济变量的影响,其对解释货币政策冲击下不同企业扩张行为的异质性具有关键作用,因而在货币政策影响经济不平等的过程中发挥了重要影响。因此,本文在NK-DSGE模型中同时纳入了家庭、企业和金融中介部门的异质性,并引入金融摩擦等特征,层层递进,结合研究问题,分别构建了系统深入研究货币政策对收入、消费和财富不平等影响的理论模型。这一理论模型和分析框架的建立,为分析货币政策影响经济不平等的相关研究提供了一个较为完整的分析范式和模型借鉴。第三,将房地产部门和宏观审慎政策纳入货币政策影响财富不平等的分析框架,研究针对房地产部门的结构性货币政策冲击的经济不平等效应,有助于更全面评估房地产相关政策的宏观效应和分配效应。已有研究发现,住房和房贷分别是中国家庭资产和负债的核心组成部分,住房资产是家庭财富不平等的主要来源,但房价变动和住房拥有状况并未在经济不平等的相关研究中受到重视。同时,已有研究在加入房地产部门时,较少考虑房地产部门严重依赖银行融资的事实,也忽视了中国人民银行出台的相关货币政策的影响,围绕货币政策与经济不平等的相关研究均未考虑与房地产相关的货币政策的作用。特别是近年来,中国房地产市场持续低迷、房企融资出现困难的背景下,居民有效需求不足,中国人民银行采取了一系列货币政策,支持房地产企业融资和房地产市场平稳发展,但这些货币政策对宏观经济和财富不平等的作用和影响机制尚不明确。本文将房地产部门及其融资约束加入模型,同时将针对房地产的结构性货币政策纳入研究,分析了不同货币政策冲击下,宏观变量和财富不平等的波动,并拓展研究了房地产需求、房企贷款供给等冲击下,宏观经济变量和财富不平等的变动。这是对货币政策、房地产和经济不平等相关研究的重要补充。更多还原

【Abstract】 The report of the Twentieth Congress of the Communist Party of China states that“Chinese-style modernization is modernization for the common prosperity of all people.Efforts should be made to safeguard and promote social equity and justice,to promote common prosperity for all people,and to resolutely prevent polarization.”Common prosperity is the unity of development and sharing,which aims to promote the development of low-income people and the decline of economic inequality.Macroeconomic policy and its changes are important factors affecting economic inequality,and as an important part of macroeconomic policy,monetary policy has a significant impact on economic inequality,an issue that has received attention from a large number of economic scholars and governments,such as Bernanke.In particular,since the financial crisis in 2008,the People’s Bank of China(PBOC)has accelerated the innovation of monetary policy tools,and the role and status of monetary policy in China’s regulation of the macroeconomy has become more prominent.In order to solve the“structural”problems of the Chinese economy,in 2013,the PBOC has created a series of new monetary policy tools,such as short-term liquidity adjustment tools and standing lending facilities.To accelerate economic recovery,promote economic structural transformation,and deal with problems such as the downturn in the real estate market and the lack of domestic effective demand after the 2019-n Co V,the PBOC created a variety of targeted lending facilities,targeted refinancing and credit support tools for real estate enterprises,etc.For example,in September 2024,the PBOC created a swap facility for securities,funds,and insurance companies to promote the prosperity of the stock market.It can be seen that structural monetary policy has gradually become an important tool of the PBOC in regulating the economy.Based on the above background,answering the impact of monetary policy on economic inequality is undoubtedly an important topic that needs to be answered urgently by central banks and academics at present and in the future.Therefore,this study focuses on the following questions:How do different monetary policies affect economic inequality and what are the transmission mechanisms?What are the differences in the impacts of different monetary policies on economic inequality and economic welfare?Taking into account the reality of China’s low housing demand and the government reducing down payments for home purchases,what are the impacts of housing demand shocks,government policy shocks,and housing firms’loan supply shocks on economic inequality and macroeconomics?Discussing this series of issues of monetary policy is of great theoretical and practical significance,but there is no systematic study to answer these questions,and even the study of some aspects of these issues is still a blank,and the conclusions of the few relevant studies that have been done are very different.It is on the basis of the above realistic background and problem orientation that this paper combines theoretical knowledge of economics and statistics with the comprehensive use of inductive and deductive analysis,mathematical analysis,statistical analysis and econometric analysis to study in depth the impact of monetary policy on economic inequality and the transmission mechanism.The main contents of this paper include:After defining relevant concepts and combing domestic and international research literature,the general part firstly introduces the research content and research ideas,research methods and technical routes of this paper.Secondly,it systematically introduces the theory of monetary policy effectiveness,the theory of distributional effects of monetary policy,and the theory related to economic inequality,and clarifies the possible channels through which monetary policy affects economic inequality.Next,the practices and characteristics of China’s aggregate monetary policy,structural monetary policy and foreign monetary policy are analyzed separately.Finally,combined with the CFPS database,the development status and changing characteristics of China’s economic inequality are analyzed from the perspectives of income inequality,consumption inequality,and wealth inequality,respectively,revealing the changing trends of China’s economic inequality as well as the existing problems.In the subsection,the impact and transmission mechanism of monetary policy on economic inequality are studied in depth from the perspectives of income,consumption and wealth,after constructing the NK-DSGE model that includes the features of multisectoral heterogeneity and financial frictions,respectively.First,based on the property rights characteristics of Chinese firms and the size characteristics of banks,this paper builds the NK-DSGE model that contains the heterogeneity of households,firms and banks at the same time,so that the model can simultaneously study the impact of aggregate and structural monetary policy on income inequality and its welfare effects.Meanwhile,by changing the parameters,the paper tests the robustness of the model conclusions and extends the study to examine the effects of monetary policy under different income inequalities,providing evidence to focus on the economic inequality effects of monetary policy.Second,on the basis of the three-sector heterogeneity NK-DSGE model,due to the importance of home purchase expenditure in residents’consumption expenditure and the empirical evidence that changes in house prices may affect consumption and consumption inequality,the thesis introduces the real estate sector into the model,and at the same time,taking into account the fact that households borrow to purchase housing through mortgages and there is an agency problem between households and banks,the thesis adds household borrowing constraints and financial vulnerability and constructs an NK-DSGE model that includes the characteristics of heterogeneity of households,firms and banks as well as the real estate sector and financial frictions.The paper then uses the model to analyze the impact and transmission mechanism of different monetary policies and different rules under the same monetary policy on consumption inequality,and conducts a sensitivity analysis of the conclusions,examines the welfare effects of different policies,and extends the discussion of the impact of the current negative housing demand shock and the increase in loan-to-value ratios on the macroeconomy and consumption inequality.Finally,based on the fact that housing and mortgage are the core components of Chinese households’assets and liabilities,respectively,and considering the empirical fact that housing assets are the main source of households’wealth inequality,as well as the fact that real estate firms are heavily dependent on bank financing and the financing dilemmas that Chinese real estate firms are facing,the paper alters the division of firms by dividing the business sector into productive firms and real estate firms and introduces financing constraints for real estate firms.At the same time,macroprudential is introduced in conjunction with China’s macro-regulatory framework,and an NK-DSGE model is constructed that includes household,firm and bank heterogeneity and financial frictions,financial fragility,and macroprudential.Subsequently,we systematically study the impacts of different monetary and macroprudential policies on wealth inequality and macroeconomic variables and their welfare effects,and extend the analysis to characterize the changes in macroeconomic variables and wealth inequality under the current negative shocks to real estate demand,real estate firms’loan supply and housing valuation.The research conclusions of this paper are as follows:First,China is increasingly using monetary policy to regulate the operation of its economy.Taking into account the significant structural effects of aggregate monetary policy,its insufficient capacity to maintain financial stability,and the possible imbalance in the allocation of financial resources,the PBOC has continued to create new monetary policy tools,mainly in the form of an increasing number of structural monetary policy tools,which have increasingly become an important part of the monetary policy toolbox.Multi-level and multi-species monetary policy tools have provided a strong guarantee for promoting the high-quality development of China’s economy.Meanwhile,China’s economic inequality has generally shown a downward trend from 2009 to 2019.China’s economic inequality fluctuated in 2021due to the impact of the New Crown Pneumonia epidemic.Income,consumption,and wealth of the population increased significantly during the sample period.Second,an accommodative aggregate monetary policy shock will cause income inequality to rise,while an accommodative structural monetary policy will bring about a fall in income inequality.In the lead-up to an aggregate monetary policy shock,there is a larger decline in the financing risk premium for small firms,which expands more than that for large firms,bringing about a larger increase in non-Legacy households’income and a decline in income inequality.However,as the decline in financing rates for large firms is more persistent,income inequality will gradually rise at a later stage,which in turn will lead to an overall rise in income inequality.Structural monetary policy has a smaller scope and intensity of action than aggregate monetary policy,and accommodative structural monetary policy helps to increase the labor income of non-Ricardo households and reduce income inequality.In terms of the effect of action,among the aggregate monetary policies,loose quantitative monetary policy,price-based monetary policy and deposit reserve ratio have gradually reduced the effect of raising income inequality.Among structural monetary policy tools,targeted interest rate cuts,targeted refinancing and targeted reductions reduce income inequality in decreasing order.In terms of welfare,the welfare loss of accommodative quantitative monetary policy,Taylor rule and reserve ratio policy gradually decreases in aggregate monetary policy,and the welfare loss of targeted interest rate cuts,targeted refinancing and targeted quota reduction gradually decreases in structural monetary policy.Structural monetary policy not only brings smaller welfare loss,but also helps to reduce income inequality and solve the financing problems of micro and small enterprises.Sensitivity analysis shows that the conclusion of the impact of monetary policy on income inequality is robust,and that changes in income inequality will affect the effect of monetary policy and reduce its stimulus effect on the economy,while an increase in the share of small businesses will expand the stimulus effect of loose monetary policy.Third,loose monetary policy helps to reduce consumption inequality,both in terms of the quantity rule and the price rule.In terms of transmission mechanism,loose monetary policy increases consumption by increasing household income and lowering interest rates,reducing the intertemporal cost of current consumption.Consumption inequality will be reduced as borrowing households with higher marginal propensity to consume and less patience increase their consumption more.In terms of the effects of action,in aggregate monetary policy,accommodative price rules,quantity rules,and deposit reserve ratios lead to a sequential reduction in consumption inequality.In structural monetary policy,the targeted reduction,targeted refinancing,and targeted lending facilities reduce consumption inequality in descending order,and the role and duration of the quantity rule is slightly larger than that of the price rule,but the role effect of the price-based targeted lending facilities is stronger than that of the quantity-based.The lending facility policy has an irreplaceable role in alleviating the liquidity problem of small banks,and after considering the liquidity risk of small banks,the effect of the targeted lending facility policy on the main macro variables is basically the same as when it is not considered.Overall,the effect of structural monetary policy on consumption inequality and output is smaller than that of aggregate monetary policy,and the effect of monetary policy and its impact on consumption inequality are essentially unchanged when the share of small businesses changes.In terms of welfare,structural monetary policy not only helps to optimize the structure of the economy,but also helps to reduce economic volatility,and its loss to social welfare is smaller than that of aggregate monetary policy.When the demand for housing falls,the real interest rate will go down,aggregate output decreases,and consumption inequality rises.When the housing loan-to-value ratio rises,aggregate demand for housing,aggregate social consumption and aggregate output of borrowing households will increase,while consumption inequality will fall.Fourth,in general,all loose monetary policies will increase wealth inequality,with price-based monetary policy having a greater effect on the increase in wealth inequality in structural monetary policy.In terms of transmission mechanisms,accommodative aggregate monetary policy changes households’wealth and brings about changes in wealth inequality mainly by affecting interest rates and real estate prices,which in turn affect households’housing demand and borrowing.The impact of loose structural monetary policy targeting real estate developers on wealth inequality is smaller than that of aggregate monetary policy.Loose structural monetary policy helps to facilitate financing for real estate firms and lower their financing rates,but it will also bring about lower house prices and affect real interest rates,leading to a rise in wealth inequality.While macroprudential policies help to curb excessive borrowing behavior of households and reduce systemic financial risks,the addition of macroprudential policies to lower interest rates will lead to greater fluctuations in wealth inequality.The results of the welfare analysis indicate that aggregate monetary policy has a greater impact on social welfare than structural monetary policy.The welfare loss caused by the Taylor rule,quantitative monetary policy,and reserve ratio policy gradually decreases,and the welfare change caused by directed refinancing is smaller than that caused by directed lending facilities.The welfare loss from lowering interest rates becomes larger when macroprudential policy is added.Negative real estate demand shocks,housing firm loan supply shocks,and housing valuation shocks will increase wealth inequality and lead to a decline in real estate firm output and aggregate output.The innovations of the paper include three aspects:First,the paper constructs an NK-DSGE model that can simultaneously study aggregate and structural monetary policy,as well as the impact of different monetary policy rules on economic inequality.Existing studies have mostly focused on the impact of aggregate monetary policy on one aspect of economic inequality,with fewer studies on structural monetary policy.As an important part of China’s monetary policy,structural monetary policy differs significantly from aggregate monetary policy in terms of its target and transmission mechanism,and thus its impact on economic inequality is significantly different.Therefore,this paper constructs a dynamic stochastic general equilibrium model that can study both aggregate and structural monetary policy,which not only better fits China’s economic characteristics and monetary policy framework,but also helps to compare the similarities and differences between structural and aggregate monetary policy on economic inequality,explains the differences between the two types of monetary policy in terms of policy transmission and effects,and enriches and deepens the related research on monetary policy.Second,the thesis establishes a theoretical framework system to systematically study the impact of monetary policy on economic inequality by incorporating the heterogeneity of multiple sectors,such as households,into the theoretical model,which,to a certain extent,improves and expands the existing research on economic inequality.Although the literature on monetary policy and economic inequality has been relatively rich,most of the studies are mainly based on empirical analyses of data from different countries,and the conclusions of the studies are quite divergent.A few literatures have explored the theoretical mechanisms through which monetary policy affects economic inequality by constructing general equilibrium models,but they have only incorporated price stickiness or examined only one aspect of economic inequality,and few of them have considered factors such as the heterogeneity of firms and financial intermediaries at the same time,which makes it difficult to reflect the structural differences in the transmission of monetary policy and its impact on economic inequality.At the same time,since financial frictions amplify the impact of shocks on economic variables,they play a key role in explaining the heterogeneity of the expansionary behavior of different firms under monetary policy shocks,and thus play an important influence in the process of monetary policy affecting economic inequality.Therefore,this paper incorporates the heterogeneity of households,firms and the financial intermediation sector at the same time in the NK-DSGE model,and introduces features such as financial frictions,layer by layer,to build a theoretical model that systematically and in-depth investigates the impact of monetary policy on income,consumption and wealth inequality in the context of the research questions,respectively.The establishment of this theoretical model and analytical framework provides a more complete analytical paradigm and model to draw on for analyzing related research on the impact of monetary policy on economic inequality.Third,the paper incorporates the real estate sector and macroprudential policies into the analytical framework of monetary policy’s impact on wealth inequality,and examines the economic inequality effects of structural monetary policy shocks targeting the real estate sector,which contributes to a more comprehensive assessment of the macro and distributional effects of real estate-related policies.It has been found that housing and mortgage are the core components of Chinese households’assets and liabilities,respectively,and that housing assets are the main source of household wealth inequality,but changes in house prices and homeownership status have not been emphasized in studies on economic inequality.At the same time,when adding the real estate sector to the list,existing studies have taken less account of the fact that the real estate sector relies heavily on bank financing,and have also ignored the impact of the relevant monetary policies introduced by the PBOC,and none of the studies on monetary policy and economic inequality have taken into account the role of real estate-related monetary policies.In particular,in recent years,against the backdrop of the continuing downturn in China’s real estate market and the difficulties in financing real estate enterprises,and the lack of effective demand from residents,the PBOC has adopted a series of monetary policies to support the financing of real estate enterprises and the stable development of the real estate market;however,the roles of these monetary policies and the mechanisms by which they affect the macro-economy and wealth inequality are not yet clear.In this paper,the real estate sector and its financing constraints are added to the model,while structural monetary policies targeting real estate are included in the study.It analyzes the volatility of macro variables and wealth inequality under different monetary policy shocks,and extends the study to examine the movement of macroeconomic variables and wealth inequality under shocks to real estate demand and the supply of loans to housing companies.This is an important addition to studies related to monetary policy,real estate,and economic inequality.更多还原