关键词: 工资下调刚性, 价格下调刚性, 货币政策非对称性, 非线性DSGE, SMM估计

Abstract: In order to investigate asymmetric effects of monetary policy, this paper incorporates the wage and price downward rigidity in the macro structure model. The paper then use perturbation method to get the second order approximation to the nonlinear model with the Chinese quarterly macroeconomic data and use simulated method of moments to estimate the model structure parameters. Finally stochastic dynamic simulation analysis is performed based on the estimated parameters. Model parameter estimation results indicate that the wage and price changes have significant downward rigidity characteristics. The dynamic simulation analysis of the model shows that the credit policy and the policies of deposit reserve rate and interest rate spread between deposit and loan have different asymmetric effects on economic system in different policy direction and intensity, and different kinds of monetary policy tools have different effects on the economy. The study can be a reference for China's central bank to choose appropriate monetary policy tools according to economic situation and to determine the quantitative execution intensity.