A Review of the Study on the Financial Business Cycle Theory and Its Prospect

Abstract

Abstract: The core factors of the financial business cycle theory are financial frictions and financial shocks, with financial intermediaries playing a more and more important role. The shocks transmission mechanism based on the balance sheet have been continuously enriched. This theory embeds the financial intermediation as a separate module into the dynamic stochastic general equilibrium model, puts aside the veil of the currency and finance, and gives a brand-new interpretation of macroeconomic fluctuations on the micro-level. This paper applies the logical approach of “course of evolution—core content—expansion application” to summarize the literature on the financial business cycle theory and reveal the focus of future research: clarifying the specific cycle phase and the effect of the financial factors of average period; introducing a heterogeneous financial system to build a consistent logical structure of the endogenous financial business cycle model framework ; paying attention to the macro-prudential framework of financial regulation and focusing on the real estate market price bubble.

Key words: Financial Business Cycle, Financial Frictions, Financial Intermediaries, DSGE

摘要： 金融经济周期理论的核心因素是金融摩擦和金融冲击,金融中介在其中扮演着越来越重要的角色,基于微观经济主体资产负债表项目的冲击传播机制不断被丰富。该理论将金融中介作为单独模块直接植入动态随机一般均衡模型,撩开货币与金融的面纱,从微观层面切入对宏观经济波动现象进行了全新的阐释。本文按照“演进脉络—核心内容—拓展应用”这一逻辑思路对金融经济周期相关文献进行梳理总结,并揭示未来研究的着力点:厘清特定周期阶段和平均周期当中金融因素的影响效应;引入异质性的金融体系,构建逻辑结构一致的内生金融经济周期模型框架;注重宏观审慎框架下的金融监管,重点关注房地产市场价格泡沫。

关键词: 金融经济周期, 金融摩擦, 金融中介, DSGE

CLC Number:

F830

ZHAO Miyun, YU Li, ZHANG Huifang. A Review of the Study on the Financial Business Cycle Theory and Its Prospect[J]. , 2017, 33(5): 48-59.

赵米芸, 余力, 张慧芳. 金融经济周期理论研究综述与展望[J]. 财经论丛, 2017, 33(5): 48-59.

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