Macro-prudential Supervision Of China's Monetary Policy Target's Selection

The outbreak of the global financial crisis in 2008 led to a decline in world economic and financial market turmoil.It caused the significant for financial regulatory reform that gave rise to the discussion that prevents financial crisis from happening again,which is aimed at the prevention and control of systemic risk macro-prudential regulation has become the major issues of the academic discussion,unprecedented attention and is widely used.Dynamic stochastic general equilibrium theory has been used to study under the macro-prudential regulation.Through the financial impact,the impact of inflation and interest rates,the macroeconomic fluctuations will have different change trends under the choice of monetary policy target.In order to determine the optimal choice of our country's monetary policy objectives.The DSGE model constructed in this paper is mainly divided into four parts,including representative families,representative enterprises,government departments and financial institutions.Among them,the representative family is divided into the impatient family and patient family,representative enterprises are classified into intermediate products and final products,represented by commercial Banks,financial institutions,government departments are divided into monetary authorities and macro-prudential policy authorities.According to the results of this model,this paper draw the following conclusions: First,monetary policy only based on inflation and output gap will be better than that of the monetary policy on house prices,the price of credit and credit scale,such as target,the welfare loss caused to society is the least;Second,on the housing and credit scale of monetary policy in the face of the three kinds of shocks show than on the fluctuations in the rest of the two goals of monetary policy is much larger,namely,house prices and credit scale to larger repercussions in social impact,our country need to pay attention to the change trend of house prices and credit;Third,when monetary policy on the more target,parts of inflation stable ability will abate.But it will enhance the capacity of constraint to the rest of the target.When the society faces the systemic risk,therefore,monetary policy can also pass on the relevant indicators to prevent systemic financial risks.