财政-货币政策的协调配合:理论综述与展望

Coordination of Fiscal and Monetary Policies:A Survey and Research Prospect

一般而言,货币政策调节通货膨胀水平,财政政策调节社会总产出水平。然而经济系统中各种扭曲、摩擦的存在可能会弱化财政、货币政策的作用效果和功能,甚至扭转作用的方向。但基本的经济原理告诉我们:财政政策和货币政策总是相互作用的,两者共同决定着经济中的总需求和总物价水平。因此,财政-货币政策的协调配合问题,自然成为宏观经济学研究的核心问题之一。结合近年来关于财政-货币政策协调配合研究的理论思考与政策反思,以及所采用研究方法的演进,本文从IS-LM模型的总量调节框架、政策主体的博弈视角、规则协调的DSGE框架等方面,综述了财政-货币政策协调配合的研究脉络。随后,本文展望了未来财政-货币政策协调配合研究的多个方面。最后,结合中国政策实践中的现实问题,本文提供了未来中国财政-货币政策协调配合的政策取向。

Based on the theoretical thinking and policy reflection on the coordination of fiscal and monetary policies in recent years,and the evolution of the research methods adopted,this paper summarizes the research context of coordination of fiscal and monetary policies from the total adjustment framework of IS-LM model,the game perspective of policy subjects,and the DSGE framework of rule coordination.Subsequently,it looks forward to many aspects of future research on fiscal-monetary policy coordination and coordination.Finally,combined with the practical problems in China's policy practice,this paper provides the policy orientation of future coordination of China's fiscal and monetary policies.