Abstract:

In the distribution of social wealth， inadequate funds serve as the external catalyst for the wealth disparity， while psychological factors， notably the disparity in risk aversion， constitute the core drivers of the persistent poverty cycle. However， the existing scholarly discourse predominantly emphasizes external factors， with scant attention paid to analyzing the internal dynamics influencing the wealth distribution process within monetary policy frameworks through external triggers， or contemplating the profound implications of micro-level risk aversion mitigation from a macro perspective. The DSGE model is employed to investigate the ramifications of narrowing the risk aversion gap among residents on the wealth distribution mechanism of monetary policy. The findings reveal that a loose monetary policy has a more pronounced impact on suppressing risk aversion of non-Ricardo households compared to Ricardo households， thereby narrowing the absolute risk aversion gap and augmenting the wealth-distributive efficacy of a loose monetary stance. Under the combined influence of the external impetus of loose monetary policy and the endogenous convergence of risk aversion gap， the wealth disparity is exhibiting a trend towards contraction. The integration of tax and monetary policies amplifies the regulatory impact of a standalone monetary policy on wealth gap. As the disparity in residents’ risk aversion narrows， the synergistic effect of combined tax and monetary policy regulation progressively intensifies. In the process of promoting common prosperity， the efficacy of the monetary and tax policy mix evolves， necessitating corresponding adjustments to the optimal policy combination. It helps to clarify the impact mechanism of narrowing the risk aversion gap of residents on the wealth distribution of monetary policy in theory and to provide a reference basis for the formulation of the policy combination of “psychological poverty alleviation” and “policy poverty alleviation” in practice.

Key words: risk aversion, monetary policy, wealth distribution effect, common prosperity, combinatorial regulation