宏观审慎对房价波动的调控效应及货币政策协调

发布时间：2018-06-16 01:34

本文选题：房价波动 + 宏观审慎政策　；参考：《湘潭大学学报(哲学社会科学版)》2016年06期

【摘要】：分析了宏观审慎政策对房价波动的调控效果、作用机制以及最优政策组合等问题。结果表明,宏观审慎政策通过约束居民信贷行为,弱化了抵押品渠道所产生的金融加速器效应,从而有效降低了房价波动,增进了居民社会福利收益。研究还表明,货币政策关注房价波动有助于强化宏观审慎调控效果,而住房限购政策虽能抑制房价上涨,但会对实体经济发展产生不利影响。因此,为实现经济金融的稳定发展,中央银行在加强预期管理的同时,应采用协调性的泰勒规则来配合宏观审慎调控,充分发挥货币政策工具的协同效应。
[Abstract]:This paper analyzes the effect of macro-prudential policy on house price fluctuation, the mechanism of action and the optimal policy combination. The results show that macroprudential policy weakens the financial accelerator effect of collateral channel by restricting the behavior of resident credit and thus effectively reduces the fluctuation of house price and enhances the income of residents' social welfare. The study also shows that monetary policy focusing on house price fluctuations will help to strengthen macro-prudential control effects, while housing purchase restrictions can curb the rise of house prices, but will have a negative impact on the real economy. Therefore, in order to realize the stable development of economy and finance, the central bank should, while strengthening the expected management, adopt the coordinated Taylor rule to coordinate with the macro-prudential regulation and give full play to the synergistic effect of monetary policy tools.
【作者单位】：湘潭大学商学院;
【基金】：国家自科基金项目“空间非一致性、房地产价格波动与最优货币政策选择研究:基于异质空间的DSGE模型研究”(项目编号:71273221) 湖南省社科基金项目“新常态下差别化货币政策的产业结构调整效应及最优规则研究”(项目编号:15YBA352) 湖南省教育厅项目“经济新常态下我国货币政策调控方式研究”(项目编号:15C1355)
【分类号】：F822.0;F299.23

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