Double Pillar of Monetary Policy and Macroprudential Policy Regulatory Mechanism: Policy Coordination and Applicability

›› 2020, Vol. 36 ›› Issue (5): 43-53.

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Double Pillar of Monetary Policy and Macroprudential Policy Regulatory Mechanism: Policy Coordination and Applicability

JIN Chengxiao^1,2, JIANG Xu²

1. Center for Quantitative Economics, Jilin University, Changchun 130012, China;
2. Business School, Jilin University, Changchun 130012, China

Received:2019-10-19 Online:2020-05-10 Published:2020-05-21

货币政策与宏观审慎政策双支柱调控模式下政策协调及其适用性研究

金成晓^{1, 2}, 姜旭²

1.吉林大学数量经济研究中心,吉林长春 130012;
2.吉林大学商学院,吉林长春 130012

通讯作者: 姜旭(1993-),男,山东莱芜人,吉林大学商学院博士生,通讯作者。
作者简介:金成晓(1966-),男,吉林舒兰人,吉林大学数量经济研究中心教授,吉林大学商学院教授,博士;姜旭(1993-),男,山东莱芜人,吉林大学商学院博士生,通讯作者。
基金资助:
国家自然科学基金项目(71873056);教育部重点研究基地重大项目(16JJD790014);教育部规划基金项目(19YJA790036)

Abstract

Abstract: This paper builds an NK-DSGE model including the financial accelerator and an anticyclical macroprudential policy for credit growth. We use compensation variation method to compute the best policy rule parameter values of different rules, and consequently choose the best policy rule. We also look into the policy coordination between China’s Double Pillar policies and their applicability problem based on relative welfare changes. The simulation result implies that in general an augmented monetary policy responding to financial factor is enough to achieve the goal of keeping the stability of both the price and the finance, but an independent macroprudential rule is also necessary when there are larger financial risks.

Key words: Double Pillar Policy, Policy Applicability, Policy Coordination, Financial Regulation, DSGE Model

摘要： 本文构建了一个包含有金融加速器及逆周期信贷调节型宏观审慎工具的新凯恩斯DSGE模型,通过等价补偿变动法计算了不同政策规则各自的最优参数组合,进一步选出最优的政策规则,并对我国双支柱政策间的协调及其在不同条件下的适用性问题进行了探索,模拟分析的结果表明,通常情况下仅使用包含金融因素的货币政策即可达到价格与金融的双重稳定目标,但当经济中存在较高金融风险时,需要同时辅以宏观审慎政策规则以保证金融稳定。

关键词: 双支柱政策, 政策适用性, 政策协调, 金融监管, DSGE模型

CLC Number:

F822.1

JIN Chengxiao, JIANG Xu. Double Pillar of Monetary Policy and Macroprudential Policy Regulatory Mechanism: Policy Coordination and Applicability[J]. , 2020, 36(5): 43-53.

金成晓, 姜旭. 货币政策与宏观审慎政策双支柱调控模式下政策协调及其适用性研究[J]. 财经论丛, 2020, 36(5): 43-53.

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Double Pillar of Monetary Policy and Macroprudential Policy Regulatory Mechanism: Policy Coordination and Applicability

货币政策与宏观审慎政策双支柱调控模式下政策协调及其适用性研究

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