中美两国货币政策与财政政策协同框架对比研究  

A Comparative Study on the Coordination Framework of Monetary and Fiscal Policies in China and the United States

作　　者：潘长春 黄禹喆 Pan Changchun;Huang Yuzhe

机构地区：[1]吉林大学经济学院,吉林长春130012 [2]汕头大学商学院,广东515000

出　　处：《南开学报(哲学社会科学版)》2025年第2期127-142,共16页Journal of Nankai university Philosophy,Literature and Social Science Edition

基　　金：国家社会科学基金青年项目(21CJY069);汕头大学科研启动经费项目(STF24017T)。

摘　　要：在日趋复杂的内外部环境下,识别和完善货币政策与财政政策的框架实践,有助于提高政策选择的科学性,更有效地支持经济高质量发展。基于此,本文在理论分析货币政策与财政政策协同框架的调控机理的基础上,实证检验在不同危机时期中美两国财政政策与价格型和数量型货币政策工具的协同效果。研究结果表明,不同衰退时期财政政策协同均提高了货币政策工具的调控效果。对比中美政策框架效果发现,尽管价格型货币政策有效,但在危机时期的使用往往受限,只能转向数量型货币政策工具。但美国数量型货币政策调控随着经济下行压力和通胀压力已经出现失效的情况,财政政策和货币政策协同是美国政策实践的权宜之计。而尽管中国货币政策调控效果呈现边际调控效果下降的趋势,但政策效果和政策空间依旧合理,财政政策对其调控效果的增强效应呈现递增趋势,财政政策和货币政策协同框架是中国另辟蹊径的选择。因此,在不透支财政空间的条件下,建立“松财政、稳货币”的政策组合是中国应对冲击的有益选择。Amid increasingly complex internal and external environments,identifying and improving the framework for coordinating monetary and fiscal policies is crucial for enhancing the scientific basis of policy choices and more effectively supporting high-quality economic development.Based on a theoretical analysis of the coordination mechanisms between monetary and fiscal policies,this paper empirically examines the collaborative effects of fiscal policy with price-based and quantity-based monetary policy tools in China and the United States(U.S.)during different crisis periods.The findings indicate that fiscal policy coordination consistently enhances the effectiveness of monetary policy tools across various recession periods.A comparison of the policy frameworks between China and the U.S.reveals that,while a price-based monetary policy is effective,its utilization during crises is often constrained,necessitating a shift towards quantity-based monetary policy tools.However,the effectiveness of the U.S.quantity-based monetary policy has diminished under the pressures of economic downturns and inflation,making fiscal and monetary policy coordination an expedient in U.S.policy practice.In contrast,although the marginal effectiveness of China's monetary policy shows a declining trend,the overall policy effects and space remain reasonable,with fiscal policy's enhancement effect on monetary policy increasing over time.As a result,fiscal and monetary policy coordination in China represents a strategic and innovative choice.Therefore,under the condition of not overburdening fiscal capacity,establishing a"loose fiscal,stable monetary"policy mix would be a beneficial approach for China to respond to economic shocks.

关 键 词：货币政策 财政政策 政策协同 

分 类 号：F812.0[经济管理—财政学]