本文選題：擴(kuò)展型貨幣政策規(guī)則　切入點(diǎn)：宏觀審慎監(jiān)管　出處：《經(jīng)濟(jì)評(píng)論》2016年03期 　論文類型：期刊論文

【摘要】：事實(shí)證明,無(wú)論是傳統(tǒng)的貨幣政策還是微觀審慎監(jiān)管,在應(yīng)對(duì)金融危機(jī)時(shí)都很難真正維持金融系統(tǒng)的穩(wěn)定。因此,加入穩(wěn)定信貸市場(chǎng)政策目標(biāo)的擴(kuò)展型貨幣政策與逆周期宏觀審慎監(jiān)管一起在危機(jī)后被廣泛討論。本文在異質(zhì)性消費(fèi)者的DSGE模型框架下模擬演繹了擴(kuò)展型貨幣政策和宏觀審慎監(jiān)管的政策效果及其金融穩(wěn)定作用,得到結(jié)論如下:第一,雖然二者作用于信貸市場(chǎng)的工具和傳導(dǎo)路徑均不同,但都能緩解經(jīng)濟(jì)上行區(qū)間的信貸高杠桿現(xiàn)象,起到抑制系統(tǒng)性風(fēng)險(xiǎn)累積、促進(jìn)金融穩(wěn)定的作用;第二,金融穩(wěn)定和物價(jià)穩(wěn)定之間的內(nèi)在聯(lián)系使貨幣政策規(guī)則中加入對(duì)金融穩(wěn)定的關(guān)注并非必須以損失物價(jià)穩(wěn)定為代價(jià);第三,聯(lián)合使用兩種政策時(shí)會(huì)出現(xiàn)政策的疊加干擾,但由中央銀行統(tǒng)一監(jiān)管使用可避免這一問(wèn)題,從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.
【作者單位】： 吉林大學(xué)數(shù)量經(jīng)濟(jì)研究中心;中國(guó)人民大學(xué)財(cái)政金融學(xué)院、中國(guó)財(cái)政金融政策研究中心;
【基金】：國(guó)家社會(huì)科學(xué)基金重大項(xiàng)目“中國(guó)潛在經(jīng)濟(jì)增長(zhǎng)率計(jì)算及結(jié)構(gòu)轉(zhuǎn)換路經(jīng)研究”(項(xiàng)目編號(hào):12&ZD197) 國(guó)家自然科學(xué)基金青年項(xiàng)目“包含異質(zhì)消費(fèi)者的DSGE框架下的中國(guó)房地產(chǎn)調(diào)控政策傳導(dǎo)機(jī)制與仿真研究”(項(xiàng)目編號(hào):71403099) 教育部人文社科規(guī)劃項(xiàng)目“開(kāi)放經(jīng)濟(jì)條件下資本流動(dòng)對(duì)中國(guó)經(jīng)濟(jì)的影響”(項(xiàng)目編號(hào):2013010079) 吉林省社會(huì)科學(xué)基金項(xiàng)目“吉林省房地產(chǎn)發(fā)展趨勢(shì)預(yù)測(cè)研究”(項(xiàng)目編號(hào):2014BS21)的資助
【分類號(hào)】：F822.0;F832

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本文編號(hào)：1607341