摘要
货币政策与宏观审慎监管具有协同性,央行专注于维持物价稳定的货币政策可以熨平金融资产价格波动,达到防止金融系统性风险的金融监管目标。在不同经济状态下,货币政策对经济和金融变量的效应具非对称性。在本文的DSGE模型中,系统性风险的产生是内生的,由于其他变量的反应,简单货币政策意外收紧并不一定会降低系统性风险,当金融部门脆弱时往往会造成强冲击。宏观审慎货币政策添加了逆周期资本要求和金融脆弱性反应,高风险状态下其"逆周期缓冲"机制会减弱意外性货币政策的负面影响,获取更高的福利收益,同时兼顾通货膨胀和产出的目标要求,从而更有效地平缓经济波动和维护金融稳定。
Monetary policy and financial regulation are consistent, the central bank＇ s monetary policy focusing on maintaining price stability can achieve sereed volatility of financial asset prices, and the financial supervision can prevent systemic risk of financial objectives. DSGE model viewed systemic risk as endogenous in this paper, and the unexpected tightening of monetary policy will not necessarily reduce systemic risk, and it tends to have a large impact on the bank especially when financial sector is weak. Financial intermediaries＇ risky behavior is influenced by monetary policy and financial regulatory policy＇ s synergistic response. The systematic monetary policy built on simple policy rules can improve welfare relying on leverage; While the macroprudential policy similar to the counter - cyclical capital requirements is more robust, and can get higher welfare benefits taking into account inflation and output objectives and requirements.
出处
《金融研究》
CSSCI
北大核心
2017年第3期16-32,共17页
Journal of Financial Research
基金
国家社会科学基金青年项目(12CJY108)
国家自科基金面上项目(71673132)
教育部“长江学者和创新团队发展计划”资助项目(IRT13020)资助
关键词
金融监管
货币政策
政策协同
DSGE模型
宏观审慎规则
Financial Regulation, Monetary Policy, Policy Synergy, DSGE Model, Macroprudential Rule
