我国近年来货币财政政策实践及当前政策取向——经典IS-LM模型在我国目前条件下的适用性、改进及运用

Recent Monetary and Fiscal Policy Practice in China and Present Policy Orientation ——Adaptability, Improvement and Exploitation of Classic IS-LM Pattern in Chin a for Present Condition

经典IS LM模型所隐含的有关利率自由浮动的假设前提与我国目前存在的利率管制的客观现实存在着不相符合之处。根据我国目前存在的利率管制的客观现实 ,运用改进后的IS LM模型对我国近年来的货币财政政策实践及其传导机制和效应进行研究发现 ,我国前一阶段的投资过热是前几年央行连续下调利率及政府大力增加财政投资支出的双重作用的结果。因此 ,要抑制当前投资过热 ,在货币财政政策取向上 ,应采取调高管制利率水平的货币政策和减少政府投资的财政政策。

The hypothesized precondition of freely floating interest rate i mplied in Classic IS-LM Pattern does not adapt to the objective reality of inte rest rate control in China at present. After the research of monetary and fiscal policies practice in China in recent years and their transition mechanism and e ffect exploiting improved IS-LM pattern on the basis of interest rate control r eality in China, it’s found that too hot investment in the past years in China is the result not only from the central bank’s continuous falling of interest r ate but also from the governments’ enlarging expenditure to make fiscal investm ent. Therefore, in order to curb too hot investment at present, it’s for moneta ry and fiscal policy orientation to have a monetary policy for a highly- contro l interest rate and have a fiscal policy of reducing governmental investment.