货币政策、宏观审慎政策与金融稳定
Monetary Policy, Macroprudential Policy, and Financial Stability
Annual Review of Economics · 2019 · [{"name": "David Martínez-Miera", "affiliation": ["Center for Economic and Policy Research", "Universidad Carlos III de Madrid"]}, {"name": "Rafael Repullo", "affiliation": ["Center for Economic and Policy Research", "Centro de Estudios Monetarios y Financieros"]}]
中文摘要
本综述从理论角度重新审视了货币政策与宏观审慎政策在应对金融体系风险累积中的作用。我们构建了一个程式化的一般均衡模型，其中的关键摩擦源于企业融资中的道德风险问题，而银行股权资本有助于缓解这一问题。紧缩性货币政策通过公开市场出售政府债务引入，紧缩性宏观审慎政策则通过提高资本要求引入。我们表明，两种政策均有其作用，但宏观审慎政策在促进金融稳定方面更为有效，并能带来更高的社会福利。
Abstract
This review reexamines from a theoretical perspective the role of monetary and macroprudential policies in addressing the build-up of risks in the financial system. We construct a stylized general equilibrium model in which the key friction comes from a moral hazard problem in firms’ financing that banks’ equity capital serves to ameliorate. Tight monetary policy is introduced by open market sales of government debt, and tight macroprudential policy by an increase in capital requirements. We show that both policies are useful, but macroprudential policy is more effective in fostering financial stability and leads to higher social welfare.