关键词: 宏观审慎政策, 货币政策, 政策协调, DSGE模型

Abstract: By implanting housing price fluctuation into the DSGE model, the coordination problems between macro-prudential policy and monetary policy are studied in this paper. Three basic conclusions are drawn based on China's economic data by the numerical simulation analysis. First, from the perspective of coordination mechanism, the adjustment of macro-prudential policy and monetary policy should be based on maintaining financial stability and price stability, respectively. Reasonable coordination of macro-prudential policy and monetary policy, not only can avoid the plight of multi-objective and policy burden faced by a single policy, but also can maximize the effect of every policy. Second, from the perspective of setting policy rules in course of coordination, all of macro-prudential policy and monetary policy prefer simple normal Taylor rule rather than other complex rules with multi-objective. Third, from the perspective of coordination implementation, the implementation of every policy relates to the choice of direction and intensity in course of coordination, the coordination should avoid the "policy conflict" or "policy overlay", for these problems not only weaken the effect of coordination, but also augment the cost of policy execution.

Key words: macro-prudential policy, monetary policy, policy coordination, DSGE model