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基于宏观审慎的拓展型泰勒规则研究
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TitleA Research on extended Taylor's Rule Based on the Macro-Prudential Policy  
作者刘金全 张筱婉 方毅  
AuthorLiu Jinquan,Zhang Xiaowan and Fang Yi  
作者单位吉林大学数量经济研究中心 
OrganizationJilinUniversity 
作者Email575296805@qq.com 
中文关键词宏观审慎;拓展型泰勒规则;政策搭配;政策评价 
Key Wordsmacro-prudential; the extended Taylor rule; policies collocation; policies assess 
内容提要根据Woodford(2012)思想,本文将盯住社会融资总量作为政策目标,将宏观审慎引入传统货币政策规则,通过建立DSGE模型研究拓展型泰勒规则。这里进一步拓展Rudebusch(2001),考察不同冲击下的基于不同参数的货币政策规则的政策响应与政策效果,以研究不同宏观经济背景和不同政策目标搭配下的最优货币政策规则。这里通过划分不同情景下货币政策对不同政策目标的重视程度,以体现政策实际操作中的灵活性,并且克服采用Woodford(2003)进行政策评价,由于稳态分析引起长期参数与短期目标分离的矛盾。结果显示,以涵盖金融稳定的拓展的最优货币政策规则,能实现货币稳定与金融稳定的双重目标;其政策规则既表现出一定的稳定性,又表现出对经济发展环境和经济状态的相依性。 
AbstractAccording to Woodford(2012), this paper focuses on the total social financing as a policy goal, and we introduce the macro-prudential policy into traditional monetary policy rule, and we study the extended Taylor rule through building a DSGE model. We further extend Rudebusch(2001),in order to research the optimal monetary policy rule under different macroeconomic backgrounds and the collocation of different policy objectives, the policy response and effect of monetary policy rules based on different parameters under different impacts will be investigated. By partitioning the emphasis degrees of monetary policies under different scenarios aiming at different policy objectives, it reflects the policy flexibility in the actual operation. Meanwhile, we can overcome the contradiction of the separation of long-term parameters and short-term goals caused by steady state analysis when we use Woodford(2003) to assess policies. Thefindings indicate that the double goals of the monetary stability and the financial stability can be reached if we perform the extended optimal policy rule.The policy rules reflect that both the certain stability and the dependency of the economic development environment and economic state. 
文章编号WP1318 
登载时间2018-12-19 
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