【摘要】 本文在Iacoviello(2005)的DSGE模型基础上纳入流动性受货币政策影响的金融资产、资产负债表受资产价格影响的银行主体,从三个维度进行数值模拟,比较货币政策在从量和从价间的权衡,结论认为中国过去采取数量型调控有其经济合理性,但当下有进入"量价两难"的可能,建议未来理顺价格调控机制、常规时段采用价格型货币政策,市场出现流动性危机时辅以数量型工具响应缓解,即"常规时段从价、市场流动性危机时辅量、量价协调"的政策定位。更多还原

【Abstract】 This paper incorporates financial assets, whose liquidity is affected by monetary policy and banks, whose balance sheets are affected by the asset price into the DSGE model in Iacoviello(2005). By simulation from three different dimensions,it compares the two different types of monetary policy. It finds that it is economically reasonable for China to use quantitative monetary policy so far, but now the change of economic conditions may put it into a"quantity-price dilemma". So the results suggest a smoother price mechanism, to use the price tools in most normal times, and to adopt quantitative tools during market liquidity strain periods as a supplement.更多还原