Interactions between monetary and macroprudential policies
通过基于主体的模型模拟银行、存款者、央行等金融主体在不同政策场景下的互动学习，发现紧缩性政策相互增强信贷供给效果，扩张性货币政策增加银行风险，而适当组合政策可提升系统稳定性。
This work aims to investigate the behavior of financial agents in a complex setting where they interact and learn about the environment. Using the bottom-up approach of agent-based models, we simulate a situation where banks, depositors, a central bank, firms, and a clearing house compose an artificial financial system under different scenarios regarding monetary and macroprudential policy instances and emerging and developed countries realities. Banks are able to learn from the outcomes and endogenously set the market interest rate. The main conclusions are: with regard to the credit market, (i) policies reinforce each other's effects on credit supply when they are both restrictive. Regarding banks' risk-taking behavior, (ii) expansive monetary policy increases banks' loans and portfolio risk. Finally, (iii) restrictive instances in both policies, while promoting more capital and less risk in the balance sheet, are able to reduce risk to some extent. If combined in the right way, these policies may improve overall system stability.