关键词: 货币政策, 宏观审慎政策, 金融稳定, 杠杆率

Abstract: Based on a theoretical framework of portfolio selection, this paper studies the specific strategies of coordination between monetary policy and macroprudential policy from the perspective of banks leverage ratio management. The study finds that its helpful to complement and strengthen the two types of policies, and achieve the goals of price stability and financial stability at the same time through managing the rate of change of banks leverage ratio: when economy is in a state of depression and monetary policy is loose, macroprudential policy should “first allow banks to increase leverage quickly, and then restrict the speed of leveraging”; when economy is overheated and monetary policy is tight, macroprudential policy should “restrain the speed of banks deleveraging first, and later allow faster deleveraging.”

Key words: monetary policy, macroprudential policy, financial stability, leverage ratio