Research On The Coordination Of The Goal Of Marco-prudential Policy And The Goal Of Monetary Policy

Since the 1990s, the financial crisis brought serious harm to national economy. people realize that it is necessary to suggest an effective financial regulatory policy to prevent systemic financial risk. Macro-prudential policy was put forward and it has brought new challenges to the use of monetary policy and fiscal policy. In Post-crisis macro-prudential policy background, China’s monetary policy how to coordinate the macro-prudential policy is an important subject worthy of further study. In this paper, I analyze the impact of the macro-prudential policy put on monetary policy, study and put forward our country monetary policy new target system to make China’s economic and financial system of sustainable development.Based on the study on related literature at home and abroad combing inductive, first of all, I analyzes the connotation of the macro-prudential policy goals and the development course of target system of monetary policy theory, the macro-prudential policy and the relationship between the monetary policy goals, and put forward our country traditional monetary policy target system already cannot adapt to the current economic and financial environment. In order to better cooperate macro-prudential policy, in this paper, monetary policy should maintain dual goal of price stability and financial stability, and from actual conditions on the relationship between the price stability and financial stability analysis theory, points out that the asset price changes lead to price stability and financial stability for the inconsistent, and is also the main factors that lead to financial instability, so monetary policy is put forward at the same time of maintaining price stability need to focus on financial stability, especially the changes in asset prices. Start with the theoretical analysis of asset prices affect monetary policy final goal-the rate of inflation, then uses the counteraction test, granger test and impulse response analysis of real estate asset prices and the stock market price fluctuations will produce certain effect on the rate of inflation, and the influence of the real estate market price is more significant, so as to test out the monetary policy goals focus on asset price factor has the necessity. Then use VAR model to test whether the monetary policy can control the financial stability, namely to validation of monetary policy on asset price volatility and credit expansion is feasible. The study found that China’s asset prices in the long term influence on price stability are definitely can not be ignored, and the price of monetary policy on the real estate market there exists a long-term control ability, especially the effective credit policy is obvious. The price of the stock market’s long-term control force is not as real estate prices. Finally on the basis of summarizing the conclusion put forward some policy Suggestions, and points out the shortcomings of the paper and the future can continue to study in the future.