China's Interest Rate Adjustment,Credit Guidance and Economic Fluctuation:Analysis Based on A DSGE Model
建立了一个包含利率调整和信贷指导的新凯恩斯DSGE模型，研究不同货币政策工具对中国经济和金融部门的影响，发现信贷指导能平滑经济波动并提高社会福利，但非市场调整手段会加剧利率扭曲。
This paper establishes a New Keynesian DSGE model with interest rate adjustment and credit guidance to study how different monetary policy tools affect economic and financial sectors based on Chinese national situation.The findings show that:the credit control used by central bank via window guidance can guide the economy,smooth the economic fluctuation and increase social welfare just like the normal open market operation.And the severer the credit control is,the more obvious the effect is.At the same time,non- market adjustment means will increase the distortion of interest rate and lead to low efficiency of financial intermediary.