结构性减税与扩张政府支出的宏观经济效应

Macroeconomic Effectiveness of Structural Tax Reduction and Government Expenditure Expansion

为了深入研究不同类型财政政策对宏观经济的影响效应,本文构建纳入异质性家庭和细化财税工具的新凯恩斯DSGE模型,并着重模拟分析了不同类型财政政策冲击对居民消费、私人投资、通胀率以及总产出水平的动态影响效应。研究结果表明,不同类型财税工具对宏观经济的冲击效果存在显著差异,对于税收政策,劳动收入税减税能够有助于提升消费水平和消费需求,并调节和完善消费结构;而对于政府支出政策,转移支付规模的扩张通过刺激家庭消费,引导消费内需有效提升,从而带动经济增长方式由投资驱动型向消费驱动型转变,进而推动经济高质量发展。

In order to have a deeper research on the influence of structural financial policies on macroeconomy,the paper constructs a new Keynes DSGE model,including heterogeneity families and refined financial tools,and focuses on the impacts of different financial policies on residents’ consumption,private investment,inflation rates and the dynamic effect of the overall yield level,indicating that different financial tools have obviously different impacts on macroeconomy.As for the tax policy,the tax reduction of labor income will be beneficial to the improve consumption level and consumption demand,and can adapt and complete the consumption structure.As for the government expenditure policy,the expansion of transferring payment scale guides the effective improvement of domestic consumption by generating family consumption,and in this way accelerates the transformation of the way of economy growth from investment-driven to consumption-driven,so as to promote the high-quality development of economy.This paper argues that in order to ensure the effectiveness of the positive fiscal policy,the government should pay attention to the adjustment and optimization of the expenditure structure when expanding the scale of government expenditure,and increasing the transfer payment.When conducting structural tax cuts,the government should adjust individual economic behavior in a targeted way,formulate a larger and broader individual income tax plan,give full play to the counter-cyclical adjustment function of fiscal policies,and help improve the quality and efficiency of the macro-economy.