金融稳定目标对双支柱框架协调关系的影响研究

The Impact of the Financial Stability Objective on the Regulatory Relationship of the Two-pillar Framework

经过2008年金融危机之后的多年探索,"货币政策+宏观审慎管理"这一双支柱调控框架已成为中国宏观经济调控政策和金融稳定政策的综合体系。结合中国金融监管实践,在一个包含四部门的动态随机一般均衡模型(DSGE)中构建两类不同的"双支柱"调控政策组合,并通过两部门连续博弈分析以及异质性家庭福利模拟测算两类视角,重点就货币政策是否引入金融稳定目标对于两部门协调最优化方式的影响做出分类讨论,研究发现,无论从政策制定者还是家庭主体的角度考虑,传统泰勒规则引导的货币政策与宏观审慎政策以协调施政方式为最优,而当货币当局额外盯住金融稳定目标时,两种政策以分立施政的协作方式为最优。

After years of exploration since the 2008 Financial Crisis,the regulatory framework with"monetary policy and macro-prudence"as two pillars has become a comprehensive system for policies of macroeconomic control and of financial stability in China.With the financial regulatory practices in China,this study established two types of regulatory policy combinations on the"two pillars"using a Dynamic Stochastic General Equilibrium(DSGE)model containing four sectors.Meanwhile,from the two perspectives of the two-sector continuous game analysis and simulation measurement of heterogeneous family welfare,we discussed,respectively,the impact of whether to include the objective of financial stability into monetary policy on the ways of optimization for the coordination between two sectors.Our results show that monetary policy and macro-prudence guided by the traditional Taylor rule are optimal under coordinated governance and that when the monetary authorities are additionally focusing on the financial stability objective,the two types of policies would be optimal with collaboration and separate governance.