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China’s Institutional Strength,Monetary Policy Coordination and Fiscal Crowding-in Effect
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作者 Li Rong Liu Lifei 《China Economist》 2022年第5期98-118,共21页
As two main tools of macroeconomic policies,coordination and conflict between fiscal and monetary policies have been paid considerable attention by researchers.Under a structural vector autoregressive model that incor... As two main tools of macroeconomic policies,coordination and conflict between fiscal and monetary policies have been paid considerable attention by researchers.Under a structural vector autoregressive model that incorporates fiscal and monetary policies,this paper analyzes the monetary policy response to fiscal shocks.Our study finds that during the occurrence of a fiscal shock,the growth rate of broad money supply M2 substantially increased,indicating the adoption of an expansionary monetary policy by the monetary authority to fiscal policy expansion.Based on this empirical finding,this paper improves the dynamic stochastic general equilibrium model to investigate the fiscal policy effects under China’s monetary policy coordination.Our analysis shows that monetary policy coordination will significantly boost the economic stimulus effect of fiscal policy,generating a fiscal crowding-in effect.From the perspective of China’s institutional strength,this conclusion offers a theoretical explanation on the empirical fact of the fiscal crowdingin effect uncovered in the research literature,and offers a policy reference for making the proactive fiscal policy more efficient and effective.This paper suggests that China’s policymakers give full play to the country’s institutional strength by coordinating fiscal and monetary policies for high-quality economic development. 展开更多
关键词 Fiscal policy monetary policy rules monetary and fiscal policy coordination fiscal multiplier
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Study of International Coordination of Chinese Monetary Policy under Open Economy
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作者 Yunhua Chen 《Chinese Business Review》 2003年第4期13-20,共8页
Preliminary study is made to the international coordination of national monetary policy under economic globalization and informationalization. This paper uses Game Theory to analyze the operation effect of Chinese mon... Preliminary study is made to the international coordination of national monetary policy under economic globalization and informationalization. This paper uses Game Theory to analyze the operation effect of Chinese monetary policy. It suggests that the maximum effect of Chinese monetary policy can only be achieved by cooperation and coordination with international society. 展开更多
关键词 monetary policy international coordination countermeasure
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