| After the outbreak of the financial crisis,central banks around the world realized that traditional price-stabilized monetary policies cannot achieve the goal of financial stability,and that micro-prudential policies cannot perfectly manager financial market risks from a global perspective.Macro-prudential regulatory policies that focus on overall market risk have been widely adopted by national regulatory authorities.In 2017,the establishment of the Financial Stability Committee of the State Council marked that China set up a dedicated macro-prudential management agency.The report of the Nineteenth National Congress of the People ’s Republic of China clearly requires that the "two-pillar" regulatory framework for monetary policy and macro-prudential policy be improved to guard against systemic financial risks.All this shows that China attaches great importance to the stability of the financial market.However,due to the relatively short time for the actual implementation of macro-prudential policies and the lack of corresponding theoretical research,at present,central banks in various countries still lack sufficient knowledge of macro-prudential tools.In this paper,the two macroeconomic prudential supervision tools,dynamic reserve and countercyclical capital requirements,are included in the DSGE model of the "enterprise-bank" financial accelerator.Based on Bayesian estimation,the impact size and impact continuity parameters are obtained.It studies the fluctuation of various economic variables when facing different shocks.The results of the study show that:under the impact of technology and the impact of monetary policy,the combined use of monetary policy and macro-prudential supervision policy helps alleviate output and investment fluctuations,indicating that the two can be used in conjunction with each other,but the improvement of fluctuations is not obvious.From the perspective of welfare loss analysis,the focus of monetary policy should not overlap with macro-prudential regulatory policies.And after the shock,macro-prudential regulatory policies will affect the rate at which the economy returns to steady state.Under the impact of corporate net worth,when inflation and output change in opposite directions,the addition of macro-prudential policies will help alleviate further output recession brought about by monetary policy to reduce inflation.Under the impact of bank net worth,the combined use of the two policies may have the problems of "policy overlap". |
