Effects of Monetary and Macroprudential Policies—Evidence from Four Inflation Targeting Economies
研究亚太地区四个通胀目标经济体，发现收紧宏观审慎政策会抑制信贷增长，同时显著压低实际GDP和物价水平，与货币政策效果相似，可能互补但也带来政策挑战。
Abstract We examine the effects of monetary and macroprudential policies in the Asia‐Pacific region, where many inflation targeting economies have adopted macroprudential policies in order to safeguard financial stability. Using structural panel vector autoregressions that identify both monetary and macroprudential policy actions, we show that tighter macroprudential policies used to contain credit growth also have a significant negative impact on macroeconomic aggregates such as real GDP and the price level. The similar effects of monetary and macroprudential policies may suggest a complementary use of the two policies at normal times. However, they could also create challenges for policymakers, especially during times when low inflation coincides with buoyant credit growth.