货币政策与宏观审慎管理的协调配合——基于中国六部门DSGE模拟分析

发布时间：2018-03-31 13:30

本文选题：货币政策　切入点：宏观审慎管理　出处：《西部论坛》2017年06期

【摘要】：实现宏观经济的长期最优稳态,需要货币政策与宏观审慎管理的协调配合。基于我国企业的二元特征,考虑政府债务和价格型货币政策等因素的影响,构建包括家庭、企业(国有企业、非国有企业)、商业银行、货币政策部门、宏观审慎管理部门以及政府的六部门动态随机一般均衡模型(DSGE),研究不同情形下技术冲击和金融冲击对我国宏观经济的影响,结果表明:受到国有企业技术冲击时,独立使用货币政策可以维护宏观经济和金融体系的稳定;受到非国有企业技术冲击时,独立使用货币政策可以维护经济系统的稳定,加入宏观审慎管理可以改善金融体系;受到金融冲击时,则需要货币政策与宏观审慎管理配合实施,以实现宏观经济和金融体系的稳定。为实现经济和金融的长期稳定,货币政策与宏观审慎管理应该相互配合,以应对不同的冲击。
[Abstract]:In order to realize the long-term optimal stable state of the macro economy, we need the coordination of monetary policy and macroprudential management. Based on the dual characteristics of Chinese enterprises, considering the influence of government debt and price monetary policy and other factors, we should construct a family. Enterprises (state-owned enterprises, non-state-owned enterprises, commercial banks, monetary policy departments, The dynamic stochastic general equilibrium model of macroprudential management department and the government's six departments is used to study the impact of technology shock and financial shock on the macro economy of China under different circumstances. The results show that: when the technology is impacted by state-owned enterprises, The independent use of monetary policy can maintain the stability of the macroeconomic and financial system, the independent use of monetary policy can maintain the stability of the economic system under the impact of the technology of non-state-owned enterprises, and the entry of macro-prudential management can improve the financial system. In order to realize the long-term stability of the economy and finance, monetary policy and macroprudential management should cooperate with each other in order to achieve the stability of the macroeconomic and financial system. To cope with different shocks.
【作者单位】：中国人民银行重庆营业管理部;重庆大学经济与工商管理学院;
【分类号】：F124;F822.0

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