宏观审慎框架下货币政策工具的选择

本文构建了"双支柱"政策的DSGE分析框架,研究宏观审慎政策与不同类型的货币政策如何搭配,以实现物价稳定与金融稳定的双重目标。研究发现:(1)在货币政策的基础上引入宏观审慎政策有利于减少经济的波动;(2)当产出和通胀面临冲击时,为了更好的烫平经济波动,宏观审慎政策应与价格型货币政策结合;(3)当金融市场面临冲击时,为了更好的烫平房价和信贷增长率的波动,宏观审慎政策应与数量型货币政策结合。在宏观审慎政策框架下,应重新审视数量型和价格型货币政策工具孰优孰劣,有针对性的选择不同的货币政策工具。

The Choice of Monetary Policy Tools within Macro-Prudential Framework

Based on the DSGE model framework of dual-pillar policy,the paper analyzes how the combination of macro-prudential policy and monetary policy to realize price and financial stability.The results show that:(1) Introducing macro-prudential policies based on monetary policy can contribute to the economic stablility.(2) When the output and inflation,are facing shocks,in order to stabilize economic fluctuations better,the macro-prudential policy should be combined with price-based monetary policy.(3)When the financial market is facing shocks,in order to stabilize the fluctuations of house prices and credit growth rates better,the macro-prudential policy should be combined with quantitative monetary policy.Under the framework of macro-prudential policy,we should re-examine the advantages and disadvantages of the quantitative and price-baied tools selecting different ones in a targeted manner.