论财政政策与货币政策的联动性

A Study of the Correlativity between the Fiscal Policy and the Monetary Policy

财政政策的变动必然会对货币政策产生重要的影响。由于削减预算赤字将给长期经济增长带来好处的观点已为多数经济学家所认可,因此,可以通过分析以削减政府预算赤字为核心财政管理,来研究财政政策与货币政策的联动性。财政政策的变化会通过三种途径直接影响中央银行实现物价稳定目标的能力,因此,如果预算赤字逐步减少,货币政策也应逐步调整,而不是立刻进行大幅度的调整。

Changes in the fiscal policy will inevitably have an important impact on the monetary policy.Most economists believe that deficit reduction will benefit the long-term economic growth;therefore,it is worthwhile to study the correlativity between the fiscal policy and the monetary policy through an analysis of deficit reduction.There are three ways in which a change in the fiscal policy can directly affect the ability of a central bank to realize its objective for price stability.So,the monetary policy should be adjusted gradually rather than dramatically or immediately when the budget deficit is reduced gradually.