宏观审慎政策、金融摩擦与政府支出乘数研究  

Research on Macro-Prudential Policies,Financial Frictions,and Government Expenditure Multipliers

作　　者：李小胜[1] 宋马林[1] LI Xiao-sheng;SONG Ma-lin(Anhui University of Finance and Economics,Bengbu 233030,China)

机构地区：[1]安徽财经大学统计与应用数学学院,安徽蚌埠233030

出　　处：《当代财经》2024年第8期72-84,共13页Contemporary Finance and Economics

基　　金：国家社会科学基金一般项目“中国式现代化统计监测评价及推进策略研究”(23BTJ001);安徽省哲学社会科学规划重点项目“疫情背景下的中国财政政策宏观经济效应和地区间溢出效应研究”(AHSKZ2022D16)。

摘　　要：宏观审慎政策能够有效减少货币政策的财政足迹,对控制债务增长和保障经济安全发挥着至关重要的作用。在建立开放经济下的动态随机一般均衡模型的基础上,引入宏观审慎政策框架和金融摩擦因素,探讨政府支出乘数问题。研究表明:第一,宏观审慎政策框架下的政府支出乘数大于没有宏观审慎政策情况下的政府支出乘数;仅考虑政府部门债务时,宏观审慎政策框架下的政府支出乘数最大、福利损失最小;考虑家庭和政府两部门债务时,宏观审慎政策框架下的政府支出乘数小于基准模型下的政府支出乘数。第二,在宏观审慎政策框架下,浮动汇率制度的政府支出乘数要比固定汇率制度小,符合经典的宏观经济理论。第三,相比于没有考虑金融摩擦的情况,纳入金融摩擦后的政府支出乘数更大。鉴于宏观审慎政策对控制债务风险和发挥政府支出乘数效应起到积极作用,建议政府部门在财政政策领域引入宏观审慎政策。The macro-prudential fiscal policy can effectively reduce the fiscal footprint of monetary policy,which is playing a crucial role in controlling debt growth and ensuring economic security.On the basis of establishing a dynamic stochastic general equilibrium model for an open economy,this paper explores the issue of government expenditure multiplier by introducing a macro prudential fiscal policy framework and financial friction factors.The findings show that:firstly,the government expenditure multipliers under the framework of macro-prudential policies is bigger than that without government expenditure multipliers.When only considering the government department debt,the government expenditure multipliers under the framework of macro-prudential policies is the biggest,while the welfare losses are minimized;when the debt of both households and government departments are considered,the government expenditure multiplier under the macro prudential policy framework is smaller than that under the benchmark model.Secondly,under the macro-prudential policy framework,the government expenditure multiplier is smaller under a floating exchange rate system than under a fixed exchange rate system,which is in line with the classical macroeconomic theory.Thirdly,the government expenditure multiplier under financial friction is larger than that without considering financial friction.Given the positive role of macro-prudential policies in controlling debt risks and leveraging the multiplier effect of government spending,it is recommended that government departments introduce macro-prudential policies in the field of fiscal policy.

关 键 词：政府支出乘数 金融摩擦 宏观审慎 动态随机一般均衡 

分 类 号：F812[经济管理—财政学]