应对国际金融危机的政策搭配效应及启示——基于FAVAR模型且来自美国的经验证据

发布时间：2018-05-08 04:04

本文选题：政策搭配 + 国际金融危机　；参考：《经济问题探索》2014年09期

【摘要】：2007年爆发并于2008年蔓延至全球经济的国际金融危机渐渐落下帷幕,各国应用多重政策搭配调控取得成效。然而美国居高不下的失业率、新兴经济体经济低迷以及欧元区债务危机等显示金融危机的深远影响依然存在。在金融全球化趋势不断加强的背景下,任何一个国家都不可能置身事外。而美国作为全球最发达经济体,又是危机爆发的核心国,其应对危机的政策搭配效果尤为引人关注。本文在梳理和界定政策搭配相关理论和概念的基础上,以美国应对此次危机的政策搭配为研究对象,设计FAVAR模型以检验其实施效果,得出结论:在拉动经济复苏和提高就业率目标上,美国的政策搭配中以货币政策最为有效,其次是汇率政策,最差为财政政策,且各政策在搭配组合中具有不同的滞后效应。
[Abstract]:The international financial crisis, which broke out in 2007 and spread to the global economy in 2008, gradually ended. But high unemployment in the United States, a downturn in emerging economies and the euro zone debt crisis suggest that the far-reaching effects of the financial crisis remain. In the context of the growing trend of financial globalization, no country can be left out. As the most developed economy in the world, the United States is the core country of the crisis. On the basis of combing and defining the relevant theories and concepts of policy collocation, this paper designs a FAVAR model to test the effect of the policy collocation of the United States in response to the crisis. It is concluded that monetary policy is the most effective policy, followed by exchange rate policy, and fiscal policy is the worst, and each policy has different lag effect in the combination of economic recovery and employment rate.
【作者单位】：南京审计学院;
【基金】：国家社科基金重点项目“我国应对国际金融风险的对策研究”(08AJY029),主持人:裴平和教育部人文社科青年基金项目“我国碳税税率设计及社会福利效应研究”(13YJC630083)的支持和资助,主持人:李岩岩
【分类号】：F831.59;F827.12;F837.12

【共引文献】