Coordination Effects and Optimal Policy Choices of Macroprudential Policy and Monetary Policy

Table 3

Welfare improvement of the optimal combination of monetary policy rules and CRR macroprudential rules.

	Optimal CRR parameter	Patient households	Impatient households	Bankers	Total social welfare
Taylor 1 + CRR macroprudential rules	3.94	0.0036	−5.6603	67.6732	4.1158
Taylor 2 + CRR macroprudential rules	4.03	0.0966	−2.8716	43.5952	2.6911
Taylor 3 + CRR macroprudential rules	4.80	−0.0094	−1.6149	41.7888	2.6354