金融加速器与财政政策的动态效应

The Financial Accelerator and Dynamic Effects of Fiscal Policy

本文以带有金融加速器的粘性价格和粘性工资的新凯恩斯DSGE模型来分析财政支出对主要宏观经济变量的动态影响,特别是在包含工资粘性和金融摩擦时政府公共投资的动态经济效应。主要结论包括:不同类型的财政支出对产出、消费、投资和就业的短期和长期效应存在显著的差异;金融摩擦的存在加剧了财政政策对投资的挤出效应,同时放大了对产出的影响。这说明了在政府利用财政政策干预经济时,需要综合考虑不同类型的财政支出政策的长短期效应差异,同时要考虑金融摩擦的重要影响,以便进行适当的政策配合达到稳定经济、促进产出和消费增长的目的。

This paper use sticky price and wage New Keynesian DSGE model with the financial accelerator to analyze the dynamic effects of fiscal expenditure policy on key macroeconomic variables, especially the dynam- ic economic effects of public investment in the model with wage stickiness and financial frictions. The main conclu- sions are ： The different type fiscal expenditures have significant different short - run and long - run effects on out- put, consumption, investment and employment. The existence of financial frictions exacerbates the crowding - out effect of fiscal policy on investment, and amplifies the effect on output. These findings illustrate that when gov- ernment intervenes the economy with the use of fiscal policy to achieve the aim of stabilizing the economy and pro- moting output and consumption growth, it is necessary to consider the effects differences between short -run and long - run of the different type fiscal expenditures and take into account the important impact of financial friction for the policy coordination.