中国式量化宽松政策的产出效应与通胀效应——基于价格粘性的简约宏观经济模型

摘要

基于价格粘性的简约式宏观经济模型和利率传导渠道的理论分析得出,量化宽松具有正向的产出效应和通胀效应,实际产出具有负向的通胀效应.基于SVAR模型的累计脉冲响应检验结果表明,中国式量化宽松政策存在正向的产出效应和通胀效应,实际产出具有负向通胀效应.因此,适度宽松的货币政策与减税政策相结合有助于中国经济增速稳定与物价稳定.%With the reduced macroeconomic model and the interest rate transmission channel based on price stickiness, the theoretical analysis shows that the quantitative easing policy can create positive output effect and the inflation effect.The real output can create the negative inflation effect.By SVAR model, the empirical test of accumulated response turns out that Chinese-style quantitative easing policy has positive effects on output and inflation, and the real output has the negative inflation effect.For those reasons, the moderately ease monetary policy and tax cuts are benefitial to economy stability and price stability in China.