货币政策和宏观审慎管理政策协调配合研究——基于损失函数的动态一般均衡分析

Study on the Coordination and Cooperation of Monetary Policy and Macro-prudential Management Policy——Based on Dynamic General Equilibrium Analysis on Loss Function

利用动态一般均衡方法构建损失函数,基于信贷传导途径探讨不同类型外部冲击下货币政策和宏观审慎管理政策的协调配合问题,认为货币政策和宏观审慎政策之间并不存在简单的确定性关系。宏观审慎政策无法替代货币政策,但在一些情形下可作为货币政策的有益补充。当出现技术冲击时,严格遵循泰勒规则的货币政策是最优的;当出现金融或房价冲击时,宏观审慎政策与货币政策合作能取得最优政策效果。

By using a dynamic general equilibrium model to build loss function, and basing on the credit transmis- sion pathway, the paper explores how monetary policy and macro-prudential management policy coordinate and co- operate with each other under different types of external shocks, holding that there is no simple definite relationship between these two policies. Macro -prudential management policy cannot replace monetary policy, but can act as a useful supplement for monetary policy in some circumstances. When technical shocks emerge, it＇ s optimal to follow the monetary policy under Teller rule ; when there are financial or housing shocks, it＇ s the optimal policy effect to have coordinated policies between monetary policy and macro -prudential management policy.