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通过扩展BGG模型,我们建立了一个包含中国现实经济摩擦的动态新凯恩斯主义模型,其目的一是对经验事实进行经济理论解释;二是探究使用更为稳健的脉冲响应匹配估计法是否也能够得到我国存在显著金融加速器效应的结论;三是详细考察7个因素对利率冲击的宏观经济效应和模型对经验事实的拟合效果的定性和定量影响。基于中国经济数据的分析结果表明:(1)我们的模型能够较好地拟合和解释SVAR反映的经验事实。(2)我国居民消费中存在显著的中等偏强的消费习惯。(3)我国经济中存在显著的金融加速器效应。
By extending the BGG model, we set up a dynamic New Keynesian model that includes the real-world economic friction in China. The purpose of the first is to explain the empirical facts in economic theory. The second is to explore whether the more robust impulse response matching estimation can be obtained The conclusion is that there are significant financial accelerator effects in our country. Third, we examine in detail the macroeconomic effects of the seven factors on interest rate shocks and the qualitative and quantitative effects of the model on the empirical results. The analysis based on China’s economic data shows that: (1) Our model can well fit and explain the empirical facts reflected by SVAR. (2) Consumption of China’s residents there is significant moderate spending habits. (3) There is a significant financial accelerator effect in our economy.