宏观经济治理体系下财政与货币政策协调--基于财政政策强度和结构双重视角分析  

The Coordination between Fiscal and Monetary Policies under the Macroeconomic Governance System:An Analysis from the Dual Perspective of Fiscal Policy Intensity and Structure

作　　者：金春雨[1,2] 徐悦悦 

机构地区：[1]吉林大学数量经济研究中心 [2]吉林大学商学与管理学院,吉林长春130012

出　　处：《复印报刊资料（财政与税务）》2023年第6期28-40,共13页

基　　金：国家社会科学基金重点项目“经济下行压力下的稳增长防滞胀研究”(22AJL016)。

摘　　要：财政政策与货币政策有效配合是健全目标优化、分工合理、高效协同的宏观经济治理体系的基础条件。利用多元方向分位数向量自回归模型,检验不同强度的财政政策对货币政策调控经济增长、物价稳定、债务可控三大经济目标有效性的影响,以及财政政策结构变化对货币政策调控效应的影响。研究发现:经济下行时期,低强度的税收政策与宽松的数量型货币政策协调组合能够快速地促进经济恢复,实现经济稳定增长目标;经济过热时期,高强度的税收政策与紧缩的价格型货币政策协调能够有效地稳定物价水平,实现抑制通货膨胀目标;经济平稳时期,高强度的财政支出与紧缩的价格型货币政策协调能够实现稳定经济增长、控制通货膨胀和降低政府债务三大调控目标。因此,应根据不同经济时期的政策目标,调整财政货币政策组合;优化财政支出结构,保持生产性支出与消费性支出的合理比重,在多重目标中寻求动态平衡,以期健全宏观经济治理体系,促进经济高质量发展。The effective coordination between fiscal policy and monetary policy is the basic condition for a sound macroeconomic governance system with optimized objectives,reasonable division of labor,and efficient coordination.This paper makes use of the MDQVAR model to test the impact of fiscal policy with different intensities on the effectiveness of monetary policy in regulating the three economic targets,i.e.,economic growth,price stability and debt con-trollability,and the impact of the changes in the fiscal policy structures on the regulation effect of monetary policy.The findings show that during the economic downturn,the coordination between low-intensity taxation policy and loose quantity-based monetary policy can quickly promote economic recovery and achieve the goal of stable economic growth.During the economic overheating period,the coordination between high-intensity taxation policy and tight price-based monetary policy is more effective in stabilizing the price level and achieve the target of restraining inflation.During the stable economic period,the coordination between high-intensity fiscal expenditure and tight price-based mone-tary policy can achieve the three regulating goals of stabilizing economic growth,controlling inflation and reducing government debt.Therefore,when the proportion of productive fiscal expenditure is adjusted to the medium level,the macro-control effect of policy mix is further strengthened.Therefore,the combination of fiscal and monetary policies should be adjusted according to the policy objectives of different economic periods.We should optimize the structure of govern-ment spending,maintain a proper proportion between productive spending and consumption spending,seek a dynamic balance among multiple objectives,so as to improve the macroeconomic governance system andpromote the high-quality economic development.

关 键 词：宏观经济治理 财政政策 货币政策 政策协调 结构优化 

分 类 号：F822.0[经济管理—财政学] F812.0