Abstract: We construct a Dynamic Stochastic General Equilibrium （DSGE） model to illustrate the transmission mechanism of the central bank policy rate in China based on Ma and Wang (2014). Using a bank-centric financial system to characterize Chinese economy, our model qualitatively demonstrates and quantitatively simulates the transmission of a policy rate change to market rates, and then to the real economy, especially when various administrative restrictions and market frictions are in 投资额。 We prove that 贷存 ratio restriction, loan quota, and high deposit reserve requirement ratio may weaken and even distort policy rate 让与。 We also extend the dynamic model to estimate the efficiency loss of transmission mechanism due to business cycle 要素。 A key policy implication of this study is that China should gradually remove various quantitative restrictions and further reduce the deposit reserve requirement ratio, in order to improve the efficiency of interest rate transmission mechanism and facilitate the transition to the new monetary policy 钢骨构架。
Key words: Central Bank
Interest Rate Transmission
Policy Regulation and Restriction
马骏, 施康, 王洪林, 王李晟. 利率传导机制的恒稳态以为[J] 资金以为, 2016, 427(1): 31-49.
MA Jun, SHI Kang, WANG Honglin, WANG Lisheng。 A Study of Interest Rate Transmission 动力学。 Journal of Financial Research, 2016, 427(1): 31-49.