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The Cooperation between Macroprudential Policy and Monetary Policy under Heterogeneous Expectations

【Authors】
ZHAO Wei, ZHAO Minjuan
【WorkUnit】
Northwest A & F University, 712100
【Abstract】

This paper has built an Agent-based DSGE model by introducing the Agent-based Computational Economics (ACE) modeling ideas into the new Keynesian DSGE models, and discussed the effect of macro-prudential policy and the cooperation between macro-prudential policy and monetary policy from the perspective of welfare. The results show that the introduction of macro-prudential policy can help to maintain financial stability and enhance welfare. In the new model, the response of output and inflation to the impact of monetary policy is mild and lasts longer than the traditional new Keynesian model. Obviously, after considering the bounded rationality and adaptive expectation, the internal transmission mechanism of economy has changed, and understanding the public expectation form is of vital importance to the analysis of macroeconomic policy.

JEL:E52, E32, D83

【KeyWords】
Bounded Rationality, Heterogeneous Expectations, Agent-based Computational Economics, New Keynesian DSGE Model