Cost Channel of Monetary Policy Transmission Mechanism:Based on New-Keynesian

如果运营资本作为生产和分配中必不可少的组成部分,名义利率进入生产函数,影响企业的生产和定价,那么货币冲击就会如同影响总需求一样通过成本渠道来影响总供给。因此,紧缩性的货币政策通常导致价格水平的升高而不是下降。本文通过建立一个新凯恩斯模型发现在低效率的金融体系中,成本渠道同样发挥着重要作用,但相对要弱一些。If operation capital is an essential part of production and allocation,nominal interest rate enter production function and have an impact on firm's production and price setting,then monetary shock will have an effect on aggregate supply through cost channel as well as on aggregate demand.Therefore,monetary contraction will increase of price level rather than decrease.By building a New-Keynesian to analyze,we find that cost channel plays a relative weak role in a low efficient financial system