宏观审慎政策效应及其与货币政策的配合

The Effect of Macro-prudential Policy and the Cooperation between Macro-prudential Policy and Monetary Policy

通过构建包含家庭、企业家、零售商、商业银行和政府的动态随机一般均衡模型,从社会福利的角度探讨宏观审慎政策效应及其与货币政策的配合策略。研究结果表明:宏观审慎政策是福利增进的,引入宏观审慎政策有助于维护金融稳定;在供给冲击下,宏观审慎政策与货币政策存在潜在冲突,在需求冲击下,宏观审慎政策与货币政策相辅相成;货币政策可以通过利率来稳定房价,一定程度上有助于维护金融稳定,但货币政策与宏观审慎政策同时使用时,其最优配合策略是货币政策当局负责维护物价稳定,宏观审慎政策当局负责维护金融稳定。基于此,本文提出明确宏观审慎政策当局及其权限,确保宏观审慎政策和货币政策由不同部门作出,以及成立政策协调配合委员会等建议,以实现两政策协调配合,发挥政策协同效应。

This paper constructs a DSGE model that contains the family, entrepreneurs, retailers, commercial banks and the government, and discusses the effect of macro-prudential policy and the cooperation between macro-prudential policy and monetary policy from the perspective of the welfare. The results show that macroprudential policy is welfare enhancing. The introduction of macro-prudential policy can help to maintain financial stability. Under supply shocks, the macro-prudential policy and monetary policy are potentially conflicting, while under demand shocks, the macro-prudential policy and monetary policy are complementary to each other. Monetary policy can stabilize prices through interest rate, which contributes to the maintenance of financial stability to a certain extent, but when monetary policy and macro-prudential policy are used at the same time, the optimal coordination strategy is that monetary policy authorities are responsible for the maintenance of price stability, and macro-prudential policy authorities are responsible for maintaining financial stability. Based on this, in order to achieve the coordination of the two policies, the establishment of a macro-prudential policy authority and a precise description of its rights are needed, to ensure that made by different departments. Besides, we should also establish a macro-prudential and monetary policies are policy coordination commission.