The financial accelerator and macroeconomic effect under the characteristics of credit mismatch and commercial banks vulnerability

Based on the economic reality of China, relaxing the implicit hypothesis of firm homogeneity (state-owned and private enterprises) and perfect bank, the state-owned and private duality credit mismatch and the vulnerability of commercial banks were introduced into the DNK-DSGE model with financial accelerator effect. The simulation results show that there are significant differences in the significance of the financial accelerator effect with different financial market constraints. Due to the relaxation of the perfect bank hypothesis, the financial accelerator effect is more significant by the double expansion (contraction) mechanism of the external shock through the balance sheet of the enterprise and the balance sheet of the bank. Moreover, due to the existence of the duality credit mismatch between the typical state-owned enterprises and private enterprises in China, the elasticity of leverage of the overall external financing risk premium in China is underestimated. It has a certain offset effect on the financial accelerator effect. The simulation results also show that there is a difference in the impact degree of external shocks that are superimposed on credit mismatch and the characteristics of commercial banks' vulnerability. Its monetary policy has the best effect on regulating inflation, and it has a poor effect on regulating total output. At the same time, its external impact is transitive and continuous, and this continuity will be extended for 1∼2 quarters. This study can provide a theoretical basis for macro-control decisions. © 2019, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.