石油价格冲击与经济波动风险最小化的货币供应机制分析

Abstract

Abstract: This paper constructs a DSGE model to investigate the issue of how oil price shocks impact on China’s money supply mechanism based on economic volatility risk minimization. Firstly, we use Bayesian method to estimate parameters, and then we compare monetary policy frontiers to find out whether China’s money supply mechanism should and how to respond to oil price shocks. The results indicate that China’s money supply doesn’t respond to oil price shocks. However, policy frontiers provide strong support for the rule in which money supply mechanism responds to the oil prices as well as inflation and output growth for the sake of economic volatility minimization.

Key words: oil price shocks, economic volatility, money supply mechanism, policy frontier

CLC Number:

F822

LI Shuang, JIAN Zhi-hong, ZHENG Jun-yao. Oil Price Shocks and Economic Volatility Risk Minimization Based Analysis of Money Supply Mechanism[J]. Chinese Journal of Management Science, 2012, (2): 26-33.

References

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Oil Price Shocks and Economic Volatility Risk Minimization Based Analysis of Money Supply Mechanism

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