扩展型货币政策与宏观审慎监管的金融稳定作用分析

发布时间：2018-03-13 17:14

本文选题：扩展型货币政策规则　切入点：宏观审慎监管　出处：《经济评论》2016年03期 　论文类型：期刊论文

【摘要】：事实证明,无论是传统的货币政策还是微观审慎监管,在应对金融危机时都很难真正维持金融系统的稳定。因此,加入稳定信贷市场政策目标的扩展型货币政策与逆周期宏观审慎监管一起在危机后被广泛讨论。本文在异质性消费者的DSGE模型框架下模拟演绎了扩展型货币政策和宏观审慎监管的政策效果及其金融稳定作用,得到结论如下:第一,虽然二者作用于信贷市场的工具和传导路径均不同,但都能缓解经济上行区间的信贷高杠杆现象,起到抑制系统性风险累积、促进金融稳定的作用;第二,金融稳定和物价稳定之间的内在联系使货币政策规则中加入对金融稳定的关注并非必须以损失物价稳定为代价;第三,联合使用两种政策时会出现政策的叠加干扰,但由中央银行统一监管使用可避免这一问题,从而得到更好的政策效果。
[Abstract]:Both traditional monetary policy and microprudential regulation have proved difficult to truly maintain the stability of the financial system in response to the financial crisis. The extended monetary policy with the objective of stabilizing the credit market has been extensively discussed after the crisis along with countercyclical macroprudential supervision. This paper simulates the extended monetary policy under the framework of the DSGE model of heterogeneous consumers. And the policy effect of macro-prudential supervision and its financial stability, The conclusions are as follows: first, although both of them have different tools and transmission paths to credit market, they can alleviate the phenomenon of high leverage of credit in the uplink of economy, restrain the accumulation of systemic risk and promote financial stability; Second, the inherent link between financial stability and price stability makes it not necessary to add attention to financial stability to monetary policy rules at the expense of price stability; third, the combined use of the two policies will result in policy superimposed interference. But the use of central bank regulation can avoid this problem and achieve better policy results.
【作者单位】：吉林大学数量经济研究中心;中国人民大学财政金融学院、中国财政金融政策研究中心;
【基金】：国家社会科学基金重大项目“中国潜在经济增长率计算及结构转换路经研究”(项目编号:12&ZD197) 国家自然科学基金青年项目“包含异质消费者的DSGE框架下的中国房地产调控政策传导机制与仿真研究”(项目编号:71403099) 教育部人文社科规划项目“开放经济条件下资本流动对中国经济的影响”(项目编号:2013010079) 吉林省社会科学基金项目“吉林省房地产发展趋势预测研究”(项目编号:2014BS21)的资助
【分类号】：F822.0;F832

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