财政支出类型、财政政策作用机理与最优财政货币政策规则

发布时间：2018-05-10 19:00

本文选题：财政支出类型 + 财政政策作用机理　；参考：《世界经济》2012年11期

【摘要】：本文构建了一个新凯恩斯动态随机均衡模型,以中国经济为样本,在更加现实的经济条件下探究具有较强可操作性的最优财政货币政策规则;同时深入考察了财政支出的生产效应和效用效应,澄清其在刻画财政政策作用机理方面的作用及其对最优财政货币政策规则特性的影响。研究表明,旨在实现价格稳定的货币政策(即积极货币政策)为最优,反周期货币政策将导致较大的福利损失;旨在实现债务稳定的财政政策(即消极财政政策)为最优,反周期财政政策虽非最优但造成的福利成本很小;财政支出的效用效应特别是生产效应的引入有助于解释"财政支出拉动效应之谜",更好地刻画财政政策作用机理,但带来额外的通货膨胀偏差以及最优通货膨胀率、最优利率和最优所得税率的较大波动,导致最优财政政策对债务波动的反应力度明显减弱。
[Abstract]:This paper constructs a new Keynesian dynamic stochastic equilibrium model, taking Chinese economy as a sample to explore the optimal financial and monetary policy rules with strong maneuverability under more realistic economic conditions. At the same time, the productive effect and utility effect of fiscal expenditure are investigated in order to clarify its role in characterizing the mechanism of fiscal policy and its influence on the characteristics of optimal fiscal and monetary policy rules. Studies have shown that monetary policy (i.e. active monetary policy) aimed at price stability is optimal, that countercyclical monetary policy leads to greater welfare losses, and that fiscal policy (i.e. negative fiscal policy) aimed at achieving debt stability is optimal. Although counter-cyclical fiscal policy is not optimal, the welfare cost is very small, and the utility effect of fiscal expenditure, especially the introduction of production effect, is helpful to explain "the puzzle of fiscal expenditure pulling effect" and to better depict the mechanism of fiscal policy. However, the response of optimal fiscal policy to debt volatility is significantly weakened due to the additional inflation bias and the large fluctuations in the optimal inflation rate, the optimal interest rate and the optimal income tax rate.
【作者单位】：中国人民大学中国财政金融政策研究中心;中国人民大学财政金融学院;
【基金】：中国人民大学科学研究基金项目(中央高校基本科研业务费专项资金资助10XNJ001) 国家社会科学基金重点项目(10AJY012) 教育部“新世纪优秀人才支持计划” 高等学校全国优秀博士学位论文作者专项资金资助项目(200904)的阶段性成果
【分类号】：F812.45;F812.0;F822.0;F224

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