我国货币政策和财政政策效果的比较研究

Empirical Analysis on the Relative Effects of Fiscal and Monetary Policy in China

改革开放以来,由计划经济向市场经济的体制转轨过程中,货币政策和财政政策已成为我国宏观经济调节的主要手段,在我国的经济发展中发挥了重要作用。但货币政策和财政政策是各自独立的政策体系,由于作用的方式和条件有较大区别,其效果也有较大不同。用脉冲响应函数和方差分解方法,对改革开放以来我国货币政策和财政政策的效果进行实证比较研究,为我国的宏观调控政策提供理论分析和实证检验的依据。

In transformation from planned economy to market-oriented economy,the monetary policy and fiscal policy have been main methods of our macroeconomic regulation since reform and open-up, and they have played important role in our economic development. But monetary policy and fiscal policy belong to different policy, belong to different policy system, their effects are also different. This paper tries to compare the effects of our monetary policy and fiscal policy using impulse response function and variance decomposition. Some conclusion can be drawed from this paper, which can provide basis of theory analysis and empirical test for our macroeconomic regulation.