扩大内需的财政政策和货币政策效应分析

Analysis of the effects of Expansionary Fiscal and Monetary Policies

基于对财政政策和货币政策作用特点的认识，中国在扩大内需的初期让财政政策“打头阵”，让货币政策充当“第二梯队”，这样一种政策组合是正确的。在治理通货紧缩的过程中，货币供应量不完全是“外生变量”，在很大程度上是“内生变量”。治理通货紧缩的难点和艰巨性在于，此次通货紧缩具有明显的“体制转轨型紧缩”的特征。治理此次通货紧缩的关键是提高国民信心。

Based on the role of fiscal and monetary policy, China has taken the fiscal policy as the first choice and monetary policy as the second choice in fighting against deflation. The combination of the fiscal and monetary policies is correct during the early period of the fighting against the deflation. The author thinks that supply of money is not an exogenous variable at all. To a large extend, it is an enelogeneous variable. The key of fighting against deflation lies in improving people's confidence in Chinese economy because this deflation has explicit character of systematic transformation.