中国宏观经济政策体系面临的困境与改革方向  

The Dilemma and Reform Direction of China's Macroeconomic Policy System

作　　者：陈彦斌[1,2] 刘哲希[1] 

机构地区：[1]中国人民大学经济学院 [2]中国经济改革与发展研究院

出　　处：《中国人民大学学报》2016年第5期12-20,共9页Journal of Renmin University of China

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目"利率市场化背景下中国货币政策框架的转型研究"(15XNI006)

摘　　要：过去十年,无论是2008年全球金融危机初期运用大规模刺激政策推动经济短暂回升,还是新常态下根据经济形势变化不断调整和创新政策手段,宏观经济政策始终难以扭转中国经济增速持续下行的局面。究其原因,宏观经济政策框架存在三个明显的缺陷,导致其调控效率不高:一是由于宏观调控与微观干预的关系始终未得到厘清,以宏观调控之名行微观干预之实的现象时有发生;二是宏观调控目标过于宽泛,使得公众难以形成稳定预期;三是货币政策处于从属地位,弱化了宏观经济政策的逆周期调节能力。因此,未来宏观经济政策的转型应以确立宏观调控的清晰定位为基础,大幅简化宏观调控目标,并构建以货币政策为核心的新政策框架。Over the last decade, despite the employing of massive stimulus policies during the 2008 global financial crisis to promote brief recovery of economy, or the adjusting of policy according to the economic situation during the new normal, macroeconomic policy has proved difficult to stop the downward trend of China＇s economic growth. The main reason is that the macroeconomic policy frame- work has three obvious flaws, thereby causing low macro-control efficiency. First, the difference be- tween the macro-control and micro intervention is not clear, thus micro interventions are always taken in the name of macro-control. Second, the goals of macroeconomic policy are too broad, which makes it hard for the public to form stable expectations. Third, the subordinate status of monetary policy weakens the countercyclical adjustment ability of macroeconomic policy. Thus, the transformation of the future macroeconomic policy should be based on a clear position of macro-control, dramatically simplifying the goals of maeroeconomic policy, and regarding monetary policy as the core of the new policy framework.

关 键 词：宏观经济政策 宏观调控 微观干预 货币政策 财政政策 

分 类 号：F120[经济管理—世界经济]