地方政府赤字财政下的物价控制与货币政策选择

Monetary Policy and Inflation Control Under Deficit Financing of Local Government

货币经济学的一个基本观点就是,紧缩的货币政策能够降低通货膨胀,而扩张性的货币政策能够导致通货膨胀。费德斯坦指出,没有充分考虑财政政策的影响,这是货币经济学的严重缺陷。因此,文章结合我国当前的财政政策,探讨了在地方政府赤字财政下,中央银行如何控制和治理通货膨胀。文章认为,在地方政府赤字财政下,如果政府通过银行融资具有优先权的话,紧缩的货币政策不仅不能够控制通货膨胀,反而加速了通货膨胀。

One of the essential arguments in monetary economics is that a constrictive monetary policy can certainly reduce inflation and an expansionary one must induce deflation. However, advanced by Martin Feldstein, neglecting the impact of fiscal policy is a serious limitation in the monetary economics. So, combining with the current fiscal policy of China, this paper discusses how the central bank can control and father inflation under a deficit financing policy. Through studying, it concludes that if the government has a priority to finance through bank loan under a deficit financing policy, then a constrictive monetary policy not only cannot control inflation but accelerate it.