银行资本监管与货币政策的最优配合:基于异质性金融冲击视角

被引：50

作者：

范从来 ^{[1
]}

高洁超 ^{[2
]}

机构：

[1] 南京大学商学院

[2] 不详

来源：

管理世界 | 2018年 / 34卷 / 01期

关键词：

金融冲击; 资本监管; 货币政策; 福利损失;

D O I：

10.19744/j.cnki.11-1235/f.2018.01.006

中图分类号：

F822.0 [方针政策及其阐述]; F832 [中国金融、银行];

学科分类号：

摘要：

本文构建包含银行部门的DSGE模型,研究金融冲击下资本监管与货币政策最优配合问题,并在异质性金融冲击下拓展分析结论。研究发现:(1)货币政策应关注金融因素,泰勒规则盯住信贷价格优于信贷规模,逆周期资本监管熨平经济波动的效果显著优于顺周期监管;(2)基于"保增长、稳物价、控风险"三重目标,外源性金融冲击下,货币政策力度与资本监管强度高低搭配可明显降低福利损失,双高搭配导致福利损失最大化;(3)内源性金融冲击下,福利损失最小化要求资本监管从紧而货币政策具有更大灵活性。本文认为,货币政策须更加关注金融价格波动、同时要加快完善资本监管逆周期调节机制,此外能否准确识别金融冲击来源会直接影响宏观调控整体有效性。

引用

页码：53 / 65+191 +191

页数：14

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