Since the founding of the People’s Republic of China,China has made remarkable achievements and already has had objective conditions for moving towards high-quality development.Under different development stages and ...Since the founding of the People’s Republic of China,China has made remarkable achievements and already has had objective conditions for moving towards high-quality development.Under different development stages and policy objectives,there are differences in the regulation effects of fiscal policies and monetary policies.In order to achieve economic growth and price stability,China’s fiscal and monetary policies have undergone various switches.This paper first reviews collocation models of China’s fiscal and monetary policies in the past 70 years,and summarizes their features,including fl exibility,dislcetionary regulation,demand management,and tool diversity.Then,it points out the deficiencies in regulation through fiscal and monetary policies,such as conflict of multiple goals,delayed or mismatched effects,marginal decrease in economic effects,and offset of policy effects.At last,the paper puts forth the possible innovation in combination paradigm,expectation management,supply-demand synergy,and instrumental coordination,and points out the direction of coordination paradigms.展开更多
基金“Study of Variation of Economic Cycle,Division of Economic Sub-Cycle and Relation between Economic Sub-Cycle and Cycle”(19AJY005)a key project of National Social Science Fund+2 种基金“Tendency and Convergence of Economic Growth in Economic New Normal”(71873042)a project of National Natural Science Foundation“Macroeconomic Policy Analysis and Econometric Research”,a project under the Cultural Elite and“Four Groups”talent program of the Publicity Department of CPC Central Committee.
文摘Since the founding of the People’s Republic of China,China has made remarkable achievements and already has had objective conditions for moving towards high-quality development.Under different development stages and policy objectives,there are differences in the regulation effects of fiscal policies and monetary policies.In order to achieve economic growth and price stability,China’s fiscal and monetary policies have undergone various switches.This paper first reviews collocation models of China’s fiscal and monetary policies in the past 70 years,and summarizes their features,including fl exibility,dislcetionary regulation,demand management,and tool diversity.Then,it points out the deficiencies in regulation through fiscal and monetary policies,such as conflict of multiple goals,delayed or mismatched effects,marginal decrease in economic effects,and offset of policy effects.At last,the paper puts forth the possible innovation in combination paradigm,expectation management,supply-demand synergy,and instrumental coordination,and points out the direction of coordination paradigms.
