Monetary Policy, Macroprudential Policy, and Financial Stability
通过构建一个理论模型，分析了货币政策和宏观审慎政策在应对金融体系风险积累中的作用，发现宏观审慎政策在促进金融稳定和社会福利方面更有效。
This review reexamines from a theoretical perspective the role of monetary and macroprudential policies in addressing the build-up of risks in the financial system. We construct a stylized general equilibrium model in which the key friction comes from a moral hazard problem in firms’ financing that banks’ equity capital serves to ameliorate. Tight monetary policy is introduced by open market sales of government debt, and tight macroprudential policy by an increase in capital requirements. We show that both policies are useful, but macroprudential policy is more effective in fostering financial stability and leads to higher social welfare.