财政政策与货币政策的动态搭配和组合模式

Dynamic Collocation and Combination Mode of Fiscal Policy and Monetary Policy

基于经济周期的不同阶段,从IS-LM曲线和供求理论的双重视角解析利用财政政策与货币政策对宏观经济进行调控的内在机理,揭示两类政策搭配组合的理论逻辑,分析制约财政政策与货币政策调控效应的现实因素。研究发现,财政政策与货币政策的搭配组合要根据经济发展的不同阶段进行动态供给,以满足经济周期不同阶段的需求,如此方能实现经济的稳定增长。现阶段,我国应采取“更加积极的财政政策与稳健适度的货币政策”这一政策组合。产品市场与货币市场对利率的弱敏感性使政策刺激经济的效果受到制约,因而两类政策不仅要在总量层面“对冲”经济增速减缓的压力,而且要在结构层面增强协调性。

Based on the different stages of economic cycle,this paper analyzes the internal mechanism of macro-economy regulation by using fiscal policy and monetary policy from the perspective of IS-LM curve and supply-demand theory,reveals the theoretical logic of the combination of the two types of policies,and analyzes the practical factors that restrict the regulatory effect of fiscal policy and monetary policy.It is found that the combination of fiscal policy and monetary policy needs dynamic supply according to different stages of economic development to meet the needs of different stages of economic cycle,so as to achieve stable economic growth.At present,China should adopt the policy combination of“more active fiscal policy and moderate monetary policy”.The weak sensitivity of product market and money market to interest rate restricts the effect of policy stimulating economy,so the two kinds of policies not only need to“hedge”the pressure of economic growth slowdown at the aggregate level,but also need to enhance coordination at the structural level.