金融加速器机制下宏观政策的选择比较:货币政策还是财政政策?

Comparison of Macro Policy Choices Under the Financial Accelerator Mechanism:Monetary Policy or Fiscal Policy?

货币政策与财政政策作为宏观经济调控的主要手段,一直受到各国政策当局的更替使用,“谁主谁次”的争论在学术界尚未达成共识,不同宏观政策主导下的经济波动大相径庭,尤其对于金融摩擦日益明显、金融制度逐步改革的我国而言,选择合适的宏观主导政策,对推进经济增长、化解金融市场风险堆积有着重要的作用。基于此,构建了包含金融因素、货币政策和财政政策在内的DSGE模型,从宏观政策调控效果的“量”和“质”两方面,对金融加速器环境下的两种宏观政策效果进行比较,以甄选适合我国经济发展的宏观政策。研究显示,在“量”的层面上,整体上,方差分解和脉冲响应的结果表明财政政策与货币政策的效果平分秋色;在“质”的层面上,福利损失结果意味着货币政策的宏观调控质量更高。因此,综合宏观政策调控效果的“量”和“质”考虑,货币政策比财政政策的调控效果更胜一筹。

Monetary policy and fiscal policy,as the main means of macroeconomic regulation and control,have always been used by the policy authorities of various countries.The debate on “who is in control and who is the second” has not yet reached a consensus in the academic circles.The economic fluctuations under the guidance of different macroeconomic policies are very different,especially for China,where financial frictions are becoming more obvious and the financial system is gradually reforming,and it will be particularly important to choose appropriate macro-dominant policies to promote economic growth and resolve the accumulation of financial market risks.Based on this,this article constructs a DSGE model that includes financial factors,monetary policy,and fiscal policy.It compares the effects of two macroeconomic policies under the financial accelerator environment from the “quantity” and “quality” aspects of macroeconomic control effects in order to select macro policies suitable for China's economic development.Studies have shown that at the “quantity” level,the results of variance decomposition and impulse response indicate that the effects of fiscal policy and monetary policy are evenly matched;at the “quality” level,the result of welfare loss implies the quality of macro control of monetary policy is higher.Therefore,considering the “quantity” and “quality” aspects of the macro control effect,monetary policy is better than fiscal policy.