固定汇率制度下的财政政策:开放经济宏观经济学的拓展  

The Fiscal Policy under the Fixed Exchange Rate Regime:An Analysis based on NOEM

作　　者：杨明秋[1] 郝敬鑫[2] 

机构地区：[1]上海社会科学院世界经济研究所 [2]南京大学商学院

出　　处：《世界经济研究》2012年第10期15-21,87,共7页World Economy Studies

摘　　要：本文主要建立在新开放主义宏观经济学理论上,进一步拓展和分析不同财政政策在固定汇率制度下对国民经济的影响,如消费、产出与汇率等。通过引入迭代模型的基本框架从而打破传统的李嘉图等价假设,我们发现因为有限生命代理人把所购买的国债看作是一种净财富,所以通过发行债券融资而导致的政府支出暂时的增加毫无疑问地将会增加本国居民相对于国外居民的消费水平。而另一方面,由于汇率水平固定不变和短期的价格粘性,政府支出增加的部分将平均分配给本国和外国商品。因此,政府支出暂时的增加将会减少本国的净国外资产头寸。而对于货币政策来说,本国居民相对消费水平的增加将导致本国货币升值压力,本国中央银行为了维系固定汇率水平不得不被动地增加货币供给。This paper,based on New Open Economy Macroeconomics(NOEM) framework,is planning to investigate the effect of different fiscal policy on one country′s economy,such as consumption,output and exchange rate,etc.Under the fixed exchange rate regime assumption,it introduces an overlapping generation structure of the Blanchard type into the model and break down classical Ricardian Equivalence.Because the representative of finite life perceives debt as net wealth,the paper shows that a short-run debt-financed increased by debt financing of the government spending unambiguously raises the relative consumption of home country.On the other hand,due to the fixed exchange rate and short-run price rigidity,the increase in government spending equally fall on both home and foreign country.Therefore,the temporary debt-financed increase in government spending will worsen home country′s net foreign assets position.For monetary policy,home country has to increase money supply relative to foreign country in order to prevent exchange rate appreciated when home country agents enjoy higher consumption than foreign counterpart.

关 键 词：REDUX模型 财政政策 债务 净国外资产头寸 迭代模型 

分 类 号：F830.7[经济管理—金融学] F810