银行资本监管、资产价格与最优货币政策

本文构建一个包括银行资本监管、银行部门以及一个非有效资本市场的宏观经济模型,研究了银行资本监管、资产价格和最优货币政策之间的关系。结论表明,银行资本监管对最优货币政策的选择以及货币政策的资产价格效应均产生了显著影响。面对资本充足和资本不足两种银行体系,央行的最优货币政策对通胀和资产价格的反应程度明显不同。特别是当银行体系受资本监管约束时,最优货币政策对资产价格波动的反应比在资本充足情形下更加积极。

Bank Capital Regulation, Asset Price and Optimal Monetary Policy

The paper establishes a macro economic model including bank capital regulation,banking sectors and an inefficient capital market,and studies the relationship among bank capital regulation,asset price and the optimal monetary policy.The conclusion shows that bank capital regulation places significant influence on the choice of the optimal monetary policy and asset price of the monetary policy.Facing two banking systems of adequate and inadequate capital,the response of the central bank’s optimal monetary policy to inflation and asset price is quite different.Especially when the banking system is constrained by capital regulation,the response of optimal monetary policy to asset price volatility should be more positive when the capital was adequate.