房价波动、宏观审慎及与货币政策的协调

Housing Prices Fluctuation,Macro-prudential Control and Coordination with Monetary Policy

运用QVAR模型和内嵌宏观审慎工具的DSGE模型,阐释了宏观审慎调控对房价波动的作用机制、政策效率以及与货币政策的协调。研究表明,宏观审慎政策通过规范居民住房融资行为,削弱了抵押品渠道所产生的金融加速器效应,从而实现了稳定房价波动和改善居民福利状况的调控目标。当存在供给侧价格黏性时,货币政策对房价波动作出反应有助于提升宏观审慎调控效果。因此,为实现宏观经济与金融体系的稳定,货币当局应采用盯住房价波动的货币政策来配合宏观审慎调控,充分发挥政策组合的协同效应。

This paper analyzed the effect, the efficiency and the optimal policy combination of macro-prudential regulation on housing prices by using QVAR model and DSGE model. The results showed that the macro-prudential regulation can reduce the housing prices fluctuation effectively, and enhance the households social welfare by constraining the credit quantity and weakening the financial accelerator effect. At the same time, the monetary policy which responded to housing prices can strengthen the effect of macro-prudential regulation. Therefore, in order to achieve the objectives of financial stability and price stability, the monetary authority should coordinate the monetary policy which concerned about housing prices fluctuation with macro-prudential policy？ and make full use of the synergistic effect of monetary policy tools.