纳入企业异质性与金融摩擦特征的政府支出乘数研究
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| Title | A Study on Government Spending Multiplier with the Enterprise Heterogeneity and Financial Friction Considered
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| 作者 | 王立勇 徐晓莉 |
| Author | Wang Liyong and Xu Xiaoli |
| 作者单位 | 中央财经大学 |
| Organization | Central University of Finance and Economics |
| 作者Email | liyongecon@126.com；xuxiaoli513@sina.com |
| 中文关键词 | 企业异质性 金融摩擦 政府支出乘数 DSGE模型 |
| Key Words | Enterprise Heterogeneity; Financial Friction; Government Spending Multiplier; DSGE Model |
| 内容提要 | 本文构建DSGE模型在考虑金融摩擦、价格粘性和企业异质性等特征基础上研究政府消费性支出和政府投资性支出对国有经济与非国有经济影响的差异性，并重新估算我国政府消费性支出乘数和政府投资性支出乘数。研究结果表明，政府消费性支出和政府投资性支出对国有经济及非国有经济的影响机制存在较大差异；政府消费性支出和政府投资性支出的增加均会降低国有经济比重；政府投资性支出乘数均大于政府消费性支出乘数；政府消费性支出和投资性支出对非国有经济的乘数效应均大于对国有经济的乘数效应；金融摩擦和企业异质性对政府支出乘数有显著影响。当不考虑企业异质性和金融摩擦时，政府投资性支出乘数与政府消费性支出乘数较大；纳入企业异质性和金融摩擦特征后，政府支出乘数明显变小。 |
| Abstract | This paper studies the differences between government investment and consumer spending on the impact of state-owned and non-state-owned economies within a dynamic stochastic general equilibrium framework which incorporates the characteristics of financial friction, price stickiness and enterprise heterogeneity, then re-estimate government investment spending multiplier and consumer spending multiplier. We find that both a rise in government investment spending and consumer spending will reduce the proportion of state-owned economy, but the effect mechanism of the two different kinds of government spending on state-owned economy and non-state-owned economy is quite different. The government investment spending multiplier is greater than government consumer spending multiplier, and for both of these two government spending, the multiplier effect on non-state-owned economy is greater than that of state-owned economy. Financial friction and enterprise heterogeneity have a significant impact on government spending multiplier, compared with the non-consideration of financial friction and enterprise heterogeneity, the inclusion of these characteristics will significantly reduce the government spending multiplier. |
| 文章编号 | WP1270 |
| 登载时间 | 2018-04-10 |
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