Research On Monetary Policy Against Asset Price Fluctuation From The Perspective Of Macro-prudential

After the 2008 financial crisis,people in-depth thinking about the causes of the financial crisis,and deeper understanding and research on systemic risks.The large fluctuation of asset prices is one of the causes of systemic risks.The irrational rise of asset prices may lead to the emergence of economic bubbles and damage the development of the real economy.In this context,the interaction between the central bank’s monetary policy and macroprudential policy is particularly important.The coordination mechanism between the two can effectively maintain the stability of the financial market and ensure the healthy and orderly development of the real economy.Therefore,it is of great theoretical and practical significance for monetary policy to deal with asset price fluctuations from the perspective of macro-prudential.First of all,this paper refers to a large number of relevant literatures at home and abroad,and sorts out the research on the definition of macroprudential policy,the relationship between macroprudential policy and monetary policy.Secondly,on the basis of summarizing domestic and foreign literatures,this paper expounds the definition of macro-prudential policy,comprehensively introduces macro-prudential policy tools and macro-prudential evaluation system;in the response to asset price fluctuations,it focuses on the relationship between macro-prudential policy and monetary policy.On the one hand,it studies the relationship between monetary policy and asset price volatility,analyzes the asset price transmission mechanism of monetary policy,and on the other hand,studies the relationship between macroprudential policy and asset price volatility,analyzes the transmission path of various macroprudential policy tools,and finally Combining the macro-prudential assessment system with the asset price transmission mechanism of monetary policy,the paper studies the impact of macro-prudential policy supervision indicators on the monetary policy intermediary indicators,and analyzes the regulation effect on asset price fluctuations.Finally,this paper uses the cointegration relationship test,Granger causality test and other methods to test the long-term relationship and causality between variables,and proves that there is a long-term stable relationship between variables and the macro-prudential supervision indicators have an impact on the intermediate indicators of monetary policy.The asset price fluctuations can be adjusted;and the VAR model is constructed to analyze the impact of macro-prudential supervision indicators on asset price fluctuations.The results of impulse response function and variance decomposition analysis show that the impact of macro-prudential policy supervision indicators on monetary policy will be transmitted to asset prices.In turn,the adjustment of asset price fluctuations will ultimately affect the development of the real economy.Combining theoretical and empirical analysis,this paper finds that monetary policy combined with macro-prudential supervision indicators is more effective in regulating asset price fluctuations than monetary policy alone.Adopting the policy combination of macro-prudential policy and monetary policy,when regulating asset price fluctuations,it can further strengthen the regulation effect of monetary policy,macro-prudential supervision indicators can reversibly adjust asset price fluctuations,maintain financial market stability,and promote the stability of the real econormy.development of.On the basis of the conclusions of this paper,the corresponding policy recommendations are put forward:First,strengthen the status of macro-prudential supervision.Strengthen cooperation mechanisms among various regulatory authorities,coordinate inter-departmental regulatory actions,establish a confidence sharing system among regulatory agencies,improve laws on macroprudential supervision systems,and strengthen macroprudential supervision status in legal form;second,promote macroprudential policies and currencies Policy joint mechanism.According to the macro-prudential supervision and evaluation system,strengthen the supervision of macro-prudential supervision indicators such as capital adequacy ratio and non-performing loan ratio,adjust the amount of bank credit in reverse cycle,stabilize asset price fluctuations,maintain financial market development and promote price stability and real economy.The third is to establish a countercyclical monetary policy adjustment mechanism.The central bank needs to review the situation and forecast the economic situation,and adjust the bank’s credit scale in reverse.At the same time,in the establishment of counter-cyclical monetary policy adjustment mechanism,macro-prudential supervision is needed,and a series of policy instruments such as interest rate marketization are needed.