一、报告题目
　　Macroprudential Policy, Central Banks and Financial Stability: Evidence from China
　　二、报告人
　　Sun Rongrong博士，宁波诺丁汉大学经济学院，研究领域：宏观经济学（Macroeconomics）、货币经济学（Monetary Economics）以及中国经济（Chinese Economic Studies）。2007年获得德国Wuppertal大学经济学博士学位。已在国际代表性期刊发表一系列文章，包括Journal of International Money and Finance，Oxford Review of Economic Policy，International Economics and Economic Policy，China Economic Review等。
　　三、报告时间
　　2016年12月1日14:00
　　四、报告地点
　　知新楼B423聚贤报告厅
　　五、报告摘要
　　We study the Chinese case to tackle two research questions on macroprudential policies: 1.What kind of policy instruments can a central bank apply in safeguarding financial stability? 2. How effective are these instruments? In so doing, we first employ the narrative approach, studying the PBC’s documents to identify the policy intention behind each policy action and hence disentangle those macroprudential policy actions from monetary policy actions. We find that the PBC mainly uses four types of instruments for the macroprudential purpose: reserve requirement, window guidance, housing market related policies, and supervisory pressure. Time series are constructed to measure the tightness/ease of each instrument and the overall macroprudential stance. The VAR estimates, using these indexes while controlling for exogenous monetary shocks, suggest that macroprudential policy measures are jointly effective in curbing the fast growth of credit; this impact is more immediate but shorter-lasting. Monetary policy shocks have significant and persistent effects on credit as well. We find that macroprudential policy responds to the financial conditions faster, compared to monetary policy. Of individual measures, our findings are threefold: i) The required reserve ratio and window guidance are particularly effective in reducing the new bank loans; ii) Window guidance and central bank lending schemes lower the ratio of medium- and long-term bank loans; iii) Following a tightening in the required reserve ratio, window guidance, mortgage rate and downpayment ratio, the consumption loans decline.
　　六、主办单位
　　山东大学经济学院