零利率约束下的货币联盟内部财政政策协调

发布时间：2018-04-09 17:40

本文选题：货币联盟　切入点：零利率　出处：《国际金融研究》2017年01期

【摘要】：欧元区利率为零,货币政策受到限制,财政政策更加重要。参考HoldenPaetz(2012)的研究,本文将零利率约束引入两国新凯恩斯模型来研究货币联盟的财政政策协调。当本国遭受技术冲击时,如果政府可以接触金融市场,零利率约束下的本国政府支出缺口上升幅度增加,外国政府支出缺口下降幅度减少;否则,零利率约束下的本国政府支出缺口下降幅度增加,外国政府支出缺口上升幅度减少。零利率约束增加本国通货膨胀波动,减少外国通货膨胀波动,但对产出缺口的影响取决于财政约束条件。无论政府面临何种财政约束,零利率约束均将恶化本国福利,改善外国福利,整体上恶化货币联盟福利。
[Abstract]:Euro zone interest rates are zero, monetary policy is limited, and fiscal policy is even more important.Referring to Holden Paetz (2012), this paper introduces zero interest rate constraint into the new Keynesian model of the two countries to study the fiscal policy coordination of monetary union.When the country is hit by technology, if the government has access to the financial markets, the gap in domestic government spending under zero interest rates will increase, while the gap for foreign government spending will decrease; otherwise,The gap between domestic government spending and foreign government spending has increased under zero interest rates.The zero interest rate constraint increases the domestic inflation fluctuation, reduces the foreign inflation fluctuation, but the influence on the output gap depends on the financial constraints.No matter what fiscal constraints the government faces, the zero interest rate constraint will worsen domestic welfare, improve foreign welfare and, on the whole, the welfare of the monetary union as a whole.
【作者单位】：北京大学经济学院;北京大学经济研究所;厦门大学经济学院;
【基金】：国家社科基金一般项目“援助有效性、发展有效性与中国对外援助的质量研究”(13BJL054) 2011年度教育部“新世纪优秀人才支持计划”(NECT-11-029) 国家社科基金重大项目“‘一路一带’战略实施中推进人民币国际化问题研究”(15EDA017)资助
【分类号】：F811.0

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