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

    Abstract:

    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.

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宋军, 韩鑫韬.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[J].西部论坛,2017,27(6):1-10

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  • 在线发布日期: 2017-12-20