“低利率”环境下财税政策调控效能检验与结构性政策工具选择  

Effectiveness Test of Fiscal and Tax Policy Regulation and Selection of Structural Policy Instruments under“Low Interest Rate”Environment

作　　者：尹雷 丁烨 吴静[1] YIN Lei;DING Ye;WU Jing(Nanjing University of Finance and Economics,Nanjing 210023)

机构地区：[1]南京财经大学,江苏南京210023

出　　处：《财贸研究》2023年第10期73-84,共12页Finance and Trade Research

基　　金：国家社会科学基金青年项目“零利率边界情形下货币政策与宏观审慎政策有效性检验及其协调机制研究”(20CJL007)。

摘　　要：构建嵌入低利率环境并包含结构性财税政策的DSGE模型,结合中国宏观数据进行参数校准,检验并比较结构性财税政策在低利率环境下调控有效性。结果表明:低利率环境下不同类型财税政策工具调控表现出不同效果。政府投资性支出、政府消费性支出和消费减税在低利率情形能有效提振经济,避免零利率下限约束。劳动减税与资本减税在低利率情形下会产生负面作用,分别表现出“劳苦悖论”和“节俭悖论”现象。因此,在低利率环境下需要分类对待财税政策工具调控效能,精准施策,进而提质增效。This paper sets up a DSGE model with structural fiscal and tax policy at low interest rate,and calibrates parameters with China’s macro data to test and compare the effectiveness of structural fiscal and tax policies under the low interest rate environment.The results show that different types of fiscal and tax policy instruments have different effects under the low interest rate environment.Government investment expenditure,government consumption expenditure and consumption tax reduction can effectively boost economy under the low the interest rate situation and avoid the constraint of zero lower bound.Labor tax cut and capital tax cut have negative effects at the low interest rate,which lead to paradox of toil and paradox of thrift respectively.Therefore,under the low interest rate environment,the regulatory efficiency of fiscal and tax policy needs to be treated by categories to improve the quality and efficiency.

关 键 词：低利率环境 零利率下限约束 结构性财税政策 

分 类 号：F810.4[经济管理—财政学]