Monetary and macroprudential policies, output, prices, and financial stability

被引：5

作者：

Sui, Jianli ^{[1
]}

Liu, Biying ^{[1
]}

Li, Zhigang ^{[2
]}

Zhang, Chengping ^{[2
,3
]}

机构：

[1] Jilin Univ, Quantitat Res Ctr Econ, Room 3077,Kuang Yaming Bldg,2699 Qianjin St, Changchun 130012, Jilin, Peoples R China

[2] Shanghai Business Sch, Fac Profess Finance & Accountancy, 2271 West Zhong Shan Rd, Shanghai 200235, Peoples R China

[3] George Fox Univ, Coll Business, 414 N Meridian St 6252, Newberg, OR 97132 USA

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2022年 / 78卷

基金：

中国国家自然科学基金;

关键词：

Monetary policy; Macroprudential policy; Output; Price; Financial stability; TIME-SERIES; MONEY; CAUSALITY; FRAMEWORK;

D O I：

10.1016/j.iref.2021.11.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the time-varying causal link between monetary policies and macroeconomy, macroprudential policies and financial stability in China. We find that expansionary monetary policy leads to output growth, tightening monetary policy leads to price stability, and tightening quantitative monetary policy or expanding price-based monetary policy is effective in maintaining financial stability. In response to stagnation or deflation, the central bank implements an expansionary monetary policy. To prevent financial turbulence, the central bank pursues an expansionary quantitative monetary policy or a tight price-based monetary policy. In addition, macroprudential policy should be used in conjunction with monetary policy to maintain financial stability.

引用

页码：212 / 233

页数：22

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