宏观调控的制度基础与政策边界分析——一个解释中国宏观调控政策效应的理论框架

The Institutional Basis of Macro Regulation and Control and the Policy Boundary Line-A Theoretical Framework Explaining the Efficiency of Macro Control Policy

本文认为 ,中国扩大内需的宏观调控政策效应不理想主要不是政策本身的原因 ,而是政策背后的市场基础与制度条件方面的问题。文章从宏观调控政策是一种典型的政府制度安排的观点出发 ,通过比较内生安排与外生安排的宏观调控政策的不同绩效 ,给出了一个解释中国宏观调控政策效应的理论框架 ,并在此基础上进一步通过对政策边界的明晰界定 ,从理论上揭示了短期的总量稳定与长期的经济增长的关系 。

The author believes that the undesirable efficiency of the Chinese macro control policy for stimulating domestic demand is not the fault of this policy itself, but a result of the market basis and institutional conditions underlying the policy. Starting from the view that macro control policy is a typical institutional arrangement by the government, this paper proceeds to analyze the different efficiencies of the endogenous and exogenous macro control policies and sets up a theoretical framework explaining the efficiency of macro control policy in China. The paper shows next, through a clear definition of policy boundary lines, the relationship between short-term aggregate stability and long-term economic growth and theoretically answers the question how to correctly understand macro control policy.