财政与货币政策协调配合的微观效应分析  

Micro-effect Analysis of Fiscal and Monetary Policy Coordination

作　　者：陈希凤[1] 李亚奇[1] Chen Xifeng;Li Yaqi(Xining Central Sub-branch,the People＇s Bank of Chin)

机构地区：[1]中国人民银行西宁中心支行

出　　处：《金融发展评论》2018年第5期106-117,共12页Financial Development Review

摘　　要：本文经验观察了1998年以来我国财政与货币政策协调配合状态,借鉴圣路易斯方程式实证检验发现:财政与货币政策协调配合对于不同微观主体的效应有显著差别,"宽财政、宽货币"搭配容易使大型企业、国有企业、投资类企业等主体享受"不受限制的繁荣","宽财政、紧货币"搭配容易使民营企业、小微企业等受到"双重挤压",减税与平稳的货币增长政策搭配对民营企业、制造业具有叠加促进作用;分阶段看,2008年以来积极财政政策激发微观经济主体活力的效果逐渐减弱,货币政策在配合积极财政政策过程中容易对房地产行业产生显著影响。建议财政与货币政策协调配合要考虑市场微观主体行为一致性,政策重点应突出减税和稳健基调。This article observed the fiscal and monetary policy coordination in China since 1998 and used st. Louis equation to do empirical test. The study found that the effect of fiscal and monetary policy coordination has significant differences from different micro subjects, ＂slack fiscal policy and easy monetary policy＂ collocation was easy to make large enterprises,state-owned enterprises, investment enterprise and other main body enjoy unlimited prosperity, while ＂slack fiscal policy and tight monetary policy＂collocation made private enterprises to be ＂double squeezed＂. Tax cuts and steady monetary policy collocation had positive and additive effects on private enterprises and small micro-enterprises. Since2008, the effect of active fiscal policy to stimulate micro-economic gradually weakened, and monetary policy had a significant impact on real estate industry. Thus, the article suggests that fiscal and monetary policy coordination needs to consider the behavior consistency of main market players, and policy priorities should highlight tax cuts and steady of policy.

关 键 词：财政政策 货币政策 协调配合 微观效应 

分 类 号：F812.0[经济管理—财政学]