开放经济下宏观审慎与货币政策搭配效应研究

The Effects of Macro-prudential Policy and Monetary Policy in An Open Economy

区别于现有封闭经济下的宏观审慎研究,在开放经济下构建动态随机一般均衡框架研究宏观审慎与货币政策搭配效果,同时考察不同汇率制度与宏观审慎政策协调效应。结果表明:(1)宏观审慎监管会降低货币政策对通胀调控的效果;但面对外部冲击时,审慎监管有助于缓解通胀波动。(2)融入宏观审慎监管后,完全浮动汇率制度的通胀目标制货币政策不能发挥其优越性;反而外汇管理浮动汇率制度能降低经济波动。(3)审慎监管水平越高越能促进金融稳定,而且不影响居民的福利损失。因此,货币当局调控通胀的同时兼顾产出、汇率和金融的稳定,可采取宏观审慎与外汇管理浮动相结合的政策框架。

Different from the macroprudential studies in the current closed economy, the dynamic stochastic general equilibrium framework is constructed in the open economy to study the effects of macroprudential and monetary policy combination, and the coordination effects of different exchange rate systems and macro-prudential policies are also investigated. The results show that :(1) Macro-prudential supervision will reduce the effect of monetary policy on inflation control;But in the face of external shocks, prudent regulation helps to mitigate inflation volatility.(2) After the integration of macro-prudential supervision, the inflation targeting monetary policy of the fully floating exchange rate system cannot give full play to its advantages;On the contrary, the floating exchange rate system of foreign exchange management can reduce economic fluctuation.(3) The higher the level of prudent supervision, the more financial stability will be promoted without affecting the welfare losses of residents. Therefore, the monetary authority can take into account the stability of output, exchange rate and finance while controlling inflation.