财政政策对货币政策传导机制的影响

发布时间：2018-07-11 18:51

本文选题：财政政策 + 货币政策　；参考：《财经问题研究》2017年04期

【摘要】：本文对有关财政政策与货币政策传导机制的关系理论与实证沿革进行了梳理,并在此基础上提出了财政政策影响货币政策传导机制的变系数自回归分布滞后(VADL)模型,以中国财政赤字占比作为财政政策变量.用2005—2015年的季度数据估计了财政赤字占比对VADL模型的系数所产生的影响,得到了四个重要命题。据此得出了财政预算收支平衡时,货币政策传导最为顺畅,货币中性性质显著;财政收支不平衡时,货币政策传导会出现非对称时滞,财政盈余不利于货币经济向实体经济传导等重要结论。
[Abstract]:In this paper, the relationship between fiscal policy and monetary policy transmission mechanism is reviewed, and a VADL model of variable coefficient autoregressive distribution lag (VADL) is put forward on the basis of which the influence of fiscal policy on monetary policy transmission mechanism is put forward. China's fiscal deficit as a proportion of the fiscal policy variables. The paper estimates the effect of the proportion of fiscal deficit on the coefficient of VADL model by using the quarterly data from 2005 to 2015, and obtains four important propositions. It is concluded that when the budget is in balance, the transmission of monetary policy is the most smooth, and the monetary neutrality is obvious, and when the fiscal revenue and expenditure is unbalanced, there will be asymmetric delay in the transmission of monetary policy. Financial surplus is not conducive to the transmission of the monetary economy to the real economy and other important conclusions.
【作者单位】：北京大学政府管理学院;华中师范大学经济与工商管理学院;
【基金】：国家社会科学基金项目“中国货币政策传导机制的效率估计与时滞测算研究”(14BJY011);国家社会科学基金重点项目“推进中国事业单位分类改革实施战略与相关政策研究”(13AGL008)
【分类号】：F812.0;F822.0

【相似文献】