【摘要】 本文以房地产价格的变化为对象研究资产价格波动对宏观经济的影响。我们在BGG模型基础上,运用包含金融加速器的两部门动态宏观经济学模型,考察了资产价格波动对经济稳定影响的金融加速器效应,并对名义冲击与实际冲击的效应、不同经济结构下的经济波动进行了比较。认为在中国宏观经济运行中,可以运用金融加速器机制解释由于资产价格波动带来的宏观经济波动,经济政策主要应减少名义变量的冲击,在资产价格波动较大的时期可以对不同部门采取不同的信贷政策。更多还原

【Abstract】 This paper discusses the effect of asset price’s fluctuation on macroeconomic stabilization.Based on the BGG model,using a two-sect dynamic macro economic model,we analyze the financial accelerator’s effect of asset price in different sectors and compare the effect between nominal shock and real shock.We conclude that the financial accelerator can be used to explain the macroeconomic fluctuation in China.The implication is that the authority may stabilize the nominal shock like interest rate,and could apply different credit policies to dif- ferent sectors when asset price fluctuated heavily.更多还原