财政货币政策配合效应与宏观经济稳定

Fiscal & Monetary Policy Coordination and Macroeconomic Stability

在动态随机一般均衡模型下,运用1999-2012年数据实证分析了我国财政政策与货币政策冲击对于宏观经济的影响,以及两种宏观经济政策的相互作用。结果表明,财政政策和货币政策的扩张对宏观经济变量都有正向影响,其中短期内财政政策对于经济的拉动作用明显,而货币政策对产出的影响则更为长远。此外,财政政策冲击会对货币政策产生较大影响,而货币政策冲击对财政政策的影响则较微弱。

This paper builds a dynamic stochastic general equilibrium model and analyses the impact of china＇s fiscal and monetary policies on coordination between the fiscal policy and monetary policy has the macro policy and a positive economy with the data from January 1999 to July 2012. It also focuses the monetary policy. The empirical result shows that the expansion of fiscal impact on macroeconomic variables. Fiscal policy has a strong short term effect on boosting the economy while the monetary policy has a long term effect on output. In addition, compared with the strong impact of fiscal policy on monetary policy, the impact of monetary policy on fiscal policy is relatively weak.