关键词: 金融冲击, 冲击叠加, 货币政策效果, 行为宏观经济学

Abstract: Financial shocks is one of the important factors that cause macroeconomic fluctuations. The paper introduces heterogeneous actors, cognitive limitation hypothesis and financial shocks into the analysis framework of dynamic stochastic general equilibrium model, analyzes the short-term effects of financial shocks under different setting structures of monetary policy parameters, and explores a suitable monetary policy to deal with financial shocks.The results show that the monetary policy focusing on controlling output fluctuations is more effective, but the excessive suppression of output fluctuations will weaken the effect of monetary policy on financial market shocks, and the emphasis on controlling inflation fluctuations will cause sustained and significant fluctuations in the output and total output of the guaranteed intermediate sector after the implementation of monetary policy.Therefore, China′s monetary policy should adopt the strategy of moderate regulation and control of total output to deal with financial shocks, and at the same time, it should reduce the concern of inflation target after financial shocks, in order to reduce the short-term effect of financial shocks and suppress macroeconomic fluctuations.

Key words: financial shock, shock superposition, monetary policy, behavior macroeconomics