We investigate the optimal design and e ectiveness of monetary and macroprudential policies in promoting macroeconomic (price) and financial stability for the South African economy. We develop a New Keynesian dynamic stochastic general equilibrium model featuring a housing market, a banking sector and the role of macroprudential and monetary policies. Based on the parameter estimates from the estimation, we conduct an optimal rule analysis and an efficient policy frontier analysis, and compare the dynamics of the model under different policy regimes. We find that a policy regime that combines a standard monetary policy rule and a macroprudential policy rule delivers a more stable economic system with price and financial stability. A policy regime that combines an augmented monetary policy (policy rate reacts to nancial conditions) with macroprudential policy is better at attenuating the effects of financial shocks, but at a much higher cost of price instability. Our findings suggest that monetary policy should focus solely on its primary objective of price stability and let macroprudential policy facilitate financial stability on its own.

中文翻译：

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南非经济的最佳货币和宏观审慎政策

我们研究了货币和宏观审慎政策在促进南非经济的宏观经济（价格）和金融稳定方面的最优设计和有效性。我们开发了一个新的凯恩斯主义动态随机一般均衡模型，该模型具有房地产市场，银行业以及宏观审慎和货币政策的作用。基于估计的参数估计，我们进行了最佳规则分析和有效的策略边界分析，并比较了不同策略方案下模型的动态。我们发现，将标准货币政策规则和宏观审慎政策规则相结合的政策体系可以提供更加稳定的经济体系，以及价格和金融稳定性。将增强的货币政策（政策利率对金融条件做出反应）与宏观审慎政策相结合的政策体制更能缓解金融冲击的影响，但价格不稳定的成本要高得多。我们的发现表明，货币政策应仅专注于其价格稳定的主要目标，而让宏观审慎政策自己促进金融稳定。