CAJ | 학술논문

国际金融危机的教训表明，以价格稳定为目标的货币政策并不能保证金融稳定，因而需要引入宏观审慎政策，对金融系统的稳定进行管理。鉴于货币政策与宏观审慎政策并非完全相互独立，政策制定者需要首先确定两者之间的关系，才能有效地进行经济管理。本文使用动态随机一般均衡模型分析货币政策与宏观审慎政策之间的关系，分析结果认为：第一，宏观审慎政策中的逆周期资本工具是福利增进的，该工具的使用对于稳定金融波动有积极的意义；第二，宏观审慎政策对于货币政策能够起到辅助作用，特别是在市场受到金融冲击的时候，辅助的效果最明显。因而我国在进行宏观经济管理的过程中，需要宏观审慎政策与货币政策互相配合，发挥协同效应。
국제금융위궤적교훈표명，이개격은정위목표적화폐정책병불능보증금융은정，인이수요인입굉관심신정책，대금융계통적은정진행관리。감우화폐정책여굉관심신정책병비완전상호독립，정책제정자수요수선학정량자지간적관계，재능유효지진행경제관리。본문사용동태수궤일반균형모형분석화폐정책여굉관심신정책지간적관계，분석결과인위：제일，굉관심신정책중적역주기자본공구시복리증진적，해공구적사용대우은정금융파동유적겁적의의；제이，굉관심신정책대우화폐정책능구기도보조작용，특별시재시장수도금융충격적시후，보조적효과최명현。인이아국재진행굉관경제관리적과정중，수요굉관심신정책여화폐정책호상배합，발휘협동효응。
The lesson of the international financial crisis had shown that the monetary policy which aimed at price stability does not guarantee financial stability and macroeconomic stability. So the financial system needed macro-prudential policy to maintain stability. Because monetary policy and macro-prudential policy were not entirely independent, policy makers need to first confirm the relationship between the two policies in order to effectively carry out economic management. The paper used DSGE model to analyze the effect of the macro-prudential policy and the relationship between monetary policy and macro-prudential policy, the results indicated： first of all, counter-cyclical capital tool for macro-prudential policy was welfare enhancing, and it could be useful to stabilize financial fluctuation; Secondly, macro-prudential policy could support monetary policy, especially when the market suffered financial shock, the support effect would be obvious. So when the authorities conduct the management to the macro economy, they need to realize synergies between the macro-prudential policy and monetary policy.