关键词: 货币政策 , 金融加速器 , 企业规模 , 非对称效应 , 动态随机一般均衡模型

Abstract: Based on the financial accelerator theory，this paper introduces the heterogeneity of enterprises into a DSGE model，to investigate the asymmetric effects of monetary policy on enterprises of different scales in China. The main conclusions of this paper are：the smallsized enterprises respond more strongly than largesized enterprises when the nominal interest rate is adjusted. The output of smallsized enterprises decreases nearly three times as largesized enterprises do，because of the large gap in the financing capacity of heterogeneous enterprises. In addition，monetary policy shocks are amplified by credit market，and there is a significant effect of financial accelerator in the economy of China. Consequently，the monetary policy tools should be chosen cautiously according to the asymmetric effects on enterprises of different scales.

Key words: monetary policy , financial accelerator , enterprise scale , asymmetric effects , DSGE