The Interaction between Capital Requirements and Monetary Policy
在一个包含银行部门的动态一般均衡模型中，研究了资本要求与货币政策的相互作用。在供给冲击驱动的正常时期，主动使用资本要求对目标变量波动的改善有限；但当贷款供给的金融冲击是主要驱动因素时，资本要求作为政策工具能显著提升宏观经济稳定。
The interaction between capital requirements and monetary policy is assessed by means of simple rules in a dynamic general equilibrium model featuring a banking sector. In “normal” times, when economic dynamics are driven by supply shocks, an active use of capital requirements generates modest benefits in terms of volatility of the target variables compared to the case in which only the central bank carries out stabilization policies. The lack of cooperation between the two policymakers may result in excessive volatility of the monetary policy rate and capital requirements. The benefits of introducing capital requirements become sizeable when financial shocks, which affect the supply of loans, are important drivers of economic dynamics; the availability of capital requirements as a policy tool yields a significant gain in terms of macroeconomic stabilization, regardless of the type of interaction between monetary and capital requirements policies.