数字经济发展对总需求管理政策的影响渠道和启示  

The Impact of Digital Economy Development on the Efficiency of Monetary and Fiscal Policies and Its Implications

作　　者：郭明旭 刘凯[2] 张兆洋 Guo Mingxul;Liu Kai;Zhang Zhaoyang(School of International Studies,Remin University of China,Bejing 100872,China;School of Economics,Remin University of China,Bejing 100872,China)

机构地区：[1]中国人民大学国际关系学院,北京100872 [2]中国人民大学经济学院,北京100872

出　　处：《郑州大学学报（哲学社会科学版）》2022年第5期32-37,127,共7页Journal of Zhengzhou University:Philosophy and Social Sciences Edition

基　　金：国家自然科学基金重大项目“区块链与数字货币中的博弈论”(项目编号:72192801);国家社会科学基金重大项目“货币政策分配效应与缩小收入和财富差距的有效路径研究”(项目编号:20&ZD105)。

摘　　要：数字经济将从五个方面对我国总需求管理政策的调控效率产生影响,即价格粘性的下降会削弱总需求管理政策的有效性,通货存款比的下降会提升货币政策的有效性,金融摩擦的下降、政策精准性的上升以及政策时滞的减少会提升总需求管理政策的有效性,中介目标可测性和可控性的下降将会降低货币政策的有效性。当前总需求管理政策调控效率下滑的部分原因是价格粘性渠道的作用占主导地位,随着数字经济的发展,其他渠道的正向作用将会逐步凸显。政府部分要充分考虑到数字经济发展对不同部门与行业间的异质性,在数字经济背景下加强货币政策与财政政策的协调,以缓解因为价格粘性减弱而导致的总需求管理政策调控效率下降的问题,同时提升大数据的收集、分析和应用能力,全力打造数字治理模式。Digital economy will affect the regulation efficiency of total demand management policy from five aspects,namely,the decline of price stickiness will weaken the effectiveness of total demand management policy,the decline of deposit ratio will improve the effectiveness of monetary policy,the decline of financial friction,the increase of policy precision and the reduction of policy delays will improve the effectiveness of total demand management policy,and the decline in the testability and controllability of intermediate targets will reduce the effectiveness of monetary policy.Part of the reason for the declining efficiency of the current total demand management policy is the dominant role of the price stickiness channel.With the development of the digital economy,the positive role of other channels will gradually become prominent.The government should fully consider the heterogeneity between different sectors and industries caused by the development of digital economy and strengthen the coordination between monetary policies and fiscal policies in the context of digital economy,so as to alleviate the declining efficiency of total demand management policies due to the weakening of price stickiness,and improve the collection,analysis and application ability of big data to create a digital governance model.

关 键 词：数字经济 货币政策 财政政策 总需求管理政策 

分 类 号：F49[经济管理—产业经济] F123.16