The Analysis About Asymmetric Impact Of Economic Leverage Level On The Financial Accelerator Effect

In recent years,the literature related with financial accelerator is abundant,but there are rare researches studied from the perspective of leverage level based on general equilibrium analysis.To fill up the gap of research,this article studies the financial accelerator effect,respectively through simulation test and empirical test to study the influence of economic leverage level on the financial accelerator.In the simulation test part,the enterprises sector,the household sector,the banking sector,the retailer sector and the monetary authority are included in the DSGE models.The enterprise sector,the household sector and the banking sector are assumed to contain financial accelerator.Through the simulation pulse response about the impact of technology shock,investment marginal efficiency shock,interest rate shock and government purchase shock on economic output,it can be seen that the existence of the financial accelerator makes the impact of technology shock greater,the impact of marginal investment efficiency shock smaller,but both of the financial accelerator effect are insignificant;the impact of interest rate shock is the greatest while the corresponding financial accelerator effect is obvious;as for the impact of government purchase,the corresponding financial accelerator effect is quite small,but the existence of the financial accelerator mitigates crowding out effect of investment.Also,it is found that among the impact of economic leverage level on financial accelerator effect incurred by various variables shocks,the one by interest shock is the largest.In the part of empirical analysis,this article uses the dataset including the economic growth rate,inflation,investment growth rate and the weighted average interest rate of loans,sampling from 2004Q3 to 2016 Q3.These data are processed by seasonal adjustment then combined with various sectors' leverage ratio to implement the impulse response analysis and construct the comprehensive index of economic leverage.Selecting economic leverage level as the threshold variables,nonlinear characteristics are found by statistical test.The result shows that the financial accelerator effect of investment shock is more significant at the high economical leverage level,while the financial accelerator effect of money supply shock is more significant at the low economical leverage level.Finally,based on the above analysis,it is suggested that asset prices should be brought into the macro regulatory system,and that the excessive economic leverage should be controlled.Specially we need to establish an effective leverage index system to implement more targeted macro-control policies.