货币政策与宏观审慎管理的协调配合——基于中国六部门DSGE模拟分析  

Coordination and Collocation between Monetary Policy and Macro-prudential Management——Based on China's DSGE Simulation Analysis

作　　者：宋军[1] 韩鑫韬[2] SONG Jun;HAN Xin-tao(Chongqing Operation’s Office,the People’s Bank of China,Chongqing 401147,China;School of Economics and Business Administration,Chongqing University,Chongqing 400030,China)

机构地区：[1]中国人民银行重庆营业管理部,重庆401147 [2]重庆大学经济与工商管理学院,重庆400030

出　　处：《西部论坛》2017年第6期1-10,共10页West Forum

摘　　要：实现宏观经济的长期最优稳态,需要货币政策与宏观审慎管理的协调配合。基于我国企业的二元特征,考虑政府债务和价格型货币政策等因素的影响,构建包括家庭、企业(国有企业、非国有企业)、商业银行、货币政策部门、宏观审慎管理部门以及政府的六部门动态随机一般均衡模型(DSGE),研究不同情形下技术冲击和金融冲击对我国宏观经济的影响,结果表明:受到国有企业技术冲击时,独立使用货币政策可以维护宏观经济和金融体系的稳定;受到非国有企业技术冲击时,独立使用货币政策可以维护经济系统的稳定,加入宏观审慎管理可以改善金融体系;受到金融冲击时,则需要货币政策与宏观审慎管理配合实施,以实现宏观经济和金融体系的稳定。为实现经济和金融的长期稳定,货币政策与宏观审慎管理应该相互配合,以应对不同的冲击。The realization of long-term optimal stability of macro-economy needs close collocation between monetary policy and macro-prudential management.Based on implanting the"binary"enterprises,government debt and the price based monetary policy into the dynamic stochastic general equilibrium(DSGE)models including such six departments as family,enterprise(state-owned enterprise and non-state-owned enterprise),commercial banks,monetary policy department,macro-prudential management department and government,this article studies how to realize the effective coordination between monetary policy and macro-prudential management under the technological shock and financial shock.The results show that:(1)when the market suffers from technological shock,monetary policy can be only used,and need not distinguish between state-owned enterprises and non-state-owned enterprises,that is,independent use of monetary policy is to maintain macro-economic stability;(2)after joining macro-prudential management,in the face of state-owned enterprise’s technological shock,monetary policy can be used independently to maintain the stability of the economy and financial system,when the market faces the non-state-owned enterprise’s technological shock,monetary policy can be used independently to maintain the stability of the economic system in the long run,but if the market needs to improve the financial system,macro-prudential management can be cooperated;(3)when the market faces the financial shock,monetary policy and macro-prudential management acting in the same time can help to maintain stability of the economy and financial system.

关 键 词：货币政策 宏观审慎管理 技术冲击 金融冲击 利率规则 逆周期资本监管 宏观经济管理 金融稳定 

分 类 号：F124[经济管理—世界经济] F822.0