DSGE Model Design And Simulation Of Transmission Mechanism Of Monetary Policy China Under Financial Friction

The way monetary policy is transmitted through the real economy has always been an important issue for academic research.Although there are many theoretical and empirical studies of monetary policy in academia and some conclusions have been drawn,there is still much room for theoretical research on the transmission mechanism of monetary policy.By analyzing and summarizing the existing literature,we can see that most of the current researches focus on the existence of monetary transmission mechanism and the effectiveness of monetary policy.Most of the research results show that the transmission mechanism exists and the monetary policy It is effective.However,what is the specific transmission mechanism of monetary policy? That is,how the monetary policy is applied to the actual financial market is not yet mature and perfect.In addition,most of the existing research methods focus on the use of cointegration test,Granger causality test and vector autoregressive test.However,there are few studies on the simulation of DSGE model.In addition,all the studies of classical monetary policy are made by foreign researchers based on the study of the economic environment in the West.However,there are certain differences between the economic environment in China and the inevitable in the West.It shows that the existing research on some monetary policies may not be suitable for our country The national conditions.Therefore,using the dynamic stochastic general equilibrium model to study the transmission mechanism of China's monetary policy under the condition of financial friction has great theoretical and practical significance for the economic construction of our country.This paper first briefly outlines the mechanism of monetary policy conducted a literature review,summarized several classical channels of transmission,namely the classic interest rate channel,the bank credit channel and the generalized credit channel;Secondly,the theoretical analysis of the dynamic stochastic general equilibrium model,Draw the IS curve and the Phillips curve of the general form;then combined with the actual economic situation,joined the private-owned enterprises,state-owned enterprises and emerging financial institutions have a significant impacton the economy factors,build a dynamic generalized fit the general model Finally,the above dynamic stochastic model and the real economy background model constructed in this paper are further expanded,and a DSGE model based on realistic financial friction is constructed.Then the model parameters are estimated and calibrated.Then,under different levels of financial friction and uncertain financial frictions,simulations were carried out respectively to discuss the impact of unit cost,the impact of demand impact on output,inflation and interest rate,as well as the impact of private enterprises and emerging finance Institutional changes have a further impact.Finally,through the VAR model to verify our previous simulation,draws the conclusion that the volatility of the economic variables in the process of monetary policy transmission under the condition of financial friction is more stable;The joining and sustained development of private enterprises and emerging financial enterprises have a positive effect on the market,Can further stabilize the market fluctuations and promote the steady development of the market.Finally,this article is summarized,and the shortcomings of this article and the direction of future improvement are proposed.