扩展型货币政策与宏观审慎监管的金融稳定作用分析  

Analysis of the Financial Stability Mechanism of Extended Taylor Rule and Macro-prudential Regulation

作　　者：李天宇[1] 张屹山[1] 张鹤[2] 

机构地区：[1]吉林大学数量经济研究中心 [2]中国人民大学财政金融学院,中国财政金融政策研究中心

出　　处：《经济评论》2016年第3期3-16,共14页Economic Review

基　　金：国家社会科学基金重大项目"中国潜在经济增长率计算及结构转换路经研究"(项目编号:12&ZD197);国家自然科学基金青年项目"包含异质消费者的DSGE框架下的中国房地产调控政策传导机制与仿真研究"(项目编号:71403099);教育部人文社科规划项目"开放经济条件下资本流动对中国经济的影响"(项目编号:2013010079);吉林省社会科学基金项目"吉林省房地产发展趋势预测研究"(项目编号:2014BS21)的资助

摘　　要：事实证明,无论是传统的货币政策还是微观审慎监管,在应对金融危机时都很难真正维持金融系统的稳定。因此,加入稳定信贷市场政策目标的扩展型货币政策与逆周期宏观审慎监管一起在危机后被广泛讨论。本文在异质性消费者的DSGE模型框架下模拟演绎了扩展型货币政策和宏观审慎监管的政策效果及其金融稳定作用,得到结论如下:第一,虽然二者作用于信贷市场的工具和传导路径均不同,但都能缓解经济上行区间的信贷高杠杆现象,起到抑制系统性风险累积、促进金融稳定的作用;第二,金融稳定和物价稳定之间的内在联系使货币政策规则中加入对金融稳定的关注并非必须以损失物价稳定为代价;第三,联合使用两种政策时会出现政策的叠加干扰,但由中央银行统一监管使用可避免这一问题,从而得到更好的政策效果。Traditional Taylor rule＇s performance during financial crisis was widely considered disappointing.It thus sparked a lively debate on extended Taylor rule that incorporates targets of stabilizing credit market and anti-cyclical macro-prudential regulation after crisis.This paper simulates the performance of extended Taylor rule in the context of a DSGE model with heterogeneous agents and examines its effects on financial stability by employing macro-prudential regulation.Our analysis suggests that： Firstly,although both policy tools that are worked on credit market and transmission channel of extended Taylor rule and macro-prudential are different,they all could reduce systemic risk and stabilize financial system by alleviating high-leverage in cyclical upturns; Secondly,the connection between financial stability and price level stability means that incorporating financial stability target in Taylor rule does not necessarily sacrifice price level stability; Finally,simultaneously apply extended Taylor rule and macro-prudential regulation would cause interference.To avoid this problem,central bank to formulate a unified strategy is needed.

关 键 词：扩展型货币政策规则 宏观审慎监管 最优政策 

分 类 号：F822.0[经济管理—财政学]