Mixed Monetary-Fiscal Policies and Macroeconomic Fluctuations:An Analysis Based on the Dynamic Stochastic General Equilibrium Model  

作　　者：Xi Wang Jiayang Li Guangbin Zhang 

机构地区：[1]Lingnan College,Sun Yat-Sen University,China [2]School of Economics and Management,Yunnan Normal University,China

出　　处：《China & World Economy》2022年第2期167-196,共30页中国与世界经济（英文版）

基　　金：sponsored by National Natural Science Foundation of China(Nos.72133006 and 71903204);the Youth Fund Project of Ministry of Education(No.19YJC790137).

摘　　要：The existing literature on macroeconomic policy research is mainly concerned with the impact of a single monetary or fiscal policy on China 5 macroeconomic fluctuations in a closed economy.However,the effect of a mix of monetary and fiscal policies has been neglected.This paper addresses this issue with an open economy dynamic stochastic general equilibrium model.It applies impulse-response and welfare analyses to explore the stabilization effect of various mixes of monetary and fiscal policies.The results show that the optimal monetary policy and fiscal policy mix varies in different cases.When government spending shocks happen,the aggressive fiscal policy and passive monetary policy would be the best choice.In contrast,for domestic interest rate shocks,foreign interest rate shocks,and foreign consumption shocks,the passive fiscal policy and aggressive monetary policy are more applicable.This article explains China's economic fluctuations and highlights the importance of mix of monetary and fiscal policies in the face of different shocks.

关 键 词：fiscal policy macroeconomic fluctuations monetary policy policy mix 

分 类 号：F81[经济管理—财政学]