貨幣政策與宏觀審慎政策的協(xié)調(diào)

1、 研究報(bào)告 （2020 年 第 5 期 總第 86 期） 2020 年 5 月 8 日 貨幣政策與宏觀審慎政策的協(xié)調(diào) 貨幣政策與宏觀審慎政策的協(xié)調(diào) 金融與發(fā)展研究中心 馬 駿 何曉貝1 【摘要】 【摘要】本文在梳理學(xué)術(shù)文獻(xiàn)和國(guó)際經(jīng)驗(yàn)基礎(chǔ)上，討論了貨幣政策與宏觀審慎政策之間的潛在沖突和協(xié)調(diào)機(jī)制。國(guó)際文獻(xiàn)的初步結(jié)論是，為了同時(shí)實(shí)現(xiàn)價(jià)格穩(wěn)定和金融穩(wěn)定目標(biāo)，大部分情況下需要貨幣政策與宏觀審慎政策反向操作（由于政策的替代性），但有時(shí)也需要兩

2、者同向操作（由于政策的互補(bǔ)性），最優(yōu)政策組合取決于宏觀沖擊的類(lèi)別和風(fēng)險(xiǎn)的來(lái)源。本文認(rèn)為，選擇最優(yōu)組合是一個(gè)復(fù)雜的理論和實(shí)證問(wèn)題，除了沖擊類(lèi)別和風(fēng)險(xiǎn)來(lái)源外，不同的金融體制和經(jīng)濟(jì)周期階段也會(huì)影響選擇結(jié)果。因此，貨幣政策當(dāng)局與宏觀審慎當(dāng)局之間需要建立有效的協(xié)調(diào)機(jī)制，并加強(qiáng)對(duì)貨幣政策和宏觀審慎政策“溢出效應(yīng)”的分析能力?；谏鲜隼碚摚槍?duì)中國(guó)“雙支柱”決策的現(xiàn)狀和1 馬駿，經(jīng)濟(jì)學(xué)博士，清華大學(xué)國(guó)家金融研究院金融與發(fā)展研究中心。何曉貝，經(jīng)濟(jì)學(xué)博士

3、，清華大學(xué)國(guó)家金融研究院金融與發(fā)展研究中心。本文發(fā)表在《金融研究》2019 年 12 期。 3 Research Report May 8th, 2020 On Coordination between Monetary and Macroprudential Policies Center for Finance and Development MA Jun HE Xiaobei2 Abstract：In this paper

4、, we discuss the interaction between monetary policy and macroprudential policy from both theoretical and practical perspectives based on a literature review, identify the problems and challenges facing the current “twin

5、-pillar” regulatory framework in China and propose a number of reform measures. While monetary policies affect financial stability through the risk-taking channel, macroprudential policies affect price stability and outp

6、ut. Recent studies suggest that, depending on the types of shocks and parameter calibrations, monetary policy instruments and macroprudential instruments are either substitutes for each other, or complementary to each ot

7、her. It has been shown in the literature that under conventional parameter calibrations, the optimal policy mix in response to a positive cost-push shock could involve interest rate hikes and relaxation of the countercyc

8、lical buffer 2 Dr. Ma Jun, Center for Finance and Development ,National Institute of Financial Research, Tsinghua University. Dr. He Xiaobei, Center for Finance and Development, National Institute for Financial Research