流动性冲击、金融危机与货币财政政策协调

Liquidity Shock,Financial Crisis,Monetary and Fiscal Policy Coordination

本文在Del Negro et al(2017)的研究基础上,探讨应对由流动性冲击导致的金融危机中货币政策和财政政策的协调作用。当流动性冲击影响资产价格并导致经济衰退时,减税政策通过增加政府债券发行提高了名义利率,从而为盯住资产价格的利率规则的货币政策稳定经济提供更大的操作空间。因此,在财政政策的支持下,传统的货币政策工具仍然可以应对由流动性冲击导致的金融危机,而并不需要采用量化宽松政策。本文的研究对当前全球正在和即将采取扩表政策的央行具有重要的政策启示,对我国当前和未来的宏观调控也具有一定的借鉴意义。

This paper discusses the role of monetary and fiscal policy coordination in coping with the financial crisis caused by liquidity shocks,based on Del Negro et al(2017).When liquidity shocks lead to economic recessions through decreases in asset prices,the fiscal policy of tax reduction can increase the nominal interest rate by issuing more bonds,and hence provide larger operation space for monetary policy to stabilize the economy,with targeting asset price as an interest rule.Hence,with the support of fiscal policy,the conventional monetary policy instruments can still play the role of stabilization in time of financial crisis driven by liquidity shocks,while quantitative easing is not a prerequisite.The study of this paper has significant implications for the central banks implementing or considering the balance sheet expansion policy,and is also meaningful for China's current and future macroeconomic policy.