关键词: 信贷歧视 , 福利成本 , 金融加速器 , 货币政策

Abstract:

The stateowned enterprises and private enterprises credit discrimination is a unique phenomenon in the process of china s economic transformation. Based on the financial accelerator models, this paper incorporates enterprise heterogeneity and a banking sector into a newKeynesian DSGE model to study the social welfare loss caused by credit discrimination. The numerical analysis shows that credit discrimination would increase the social welfare loss by 62% because it amplifies privateowned enterprises  output volatility and propagates the inflation volatility. Moreover, this paper finds that credit discrimination would cause social welfare loss under different monetary policy regime. Finally, this paper concludes that to eliminate the welfare loss the government should remove the credit discrimination.

Key words: credit discrimination , welfare loss , financial accelerator , monetary policy