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财经研究  2016 

存款利率上限、金融脱媒与货币政策传导

Keywords: 存款利率上限,货币政策冲击,偶然紧的约束,贷款供给扭曲

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Abstract:

文章在DSGE框架下引入抵押贷款约束和存款利率上限,研究了存款利率上限对货币政策传导的影响。根据我国的实际情况,文章允许存款利率在规定的上限内浮动,并分析了已有文献尚未涉及的存款利率上限偶然紧的情形。研究发现:(1)当央行采取紧缩性货币政策时,存款利率上限抑制了存款利率的上升,导致存款利率偏低,家庭的银行储蓄减少,从而产生金融脱媒现象;(2)金融脱媒导致银行可贷资金减少,引起贷款供给扭曲,贷款利率大幅上升,与没有存款利率上限的情形相比,经济波动更大;(3)偶然紧的存款利率上限具有非线性性质,使主要经济变量对扩张性与紧缩性货币政策冲击的脉冲反应存在不对称性。

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