固定汇率制度下的财政政策:开放经济宏观经济学的拓展

发布时间：2018-05-29 15:28

本文选题：Redux模型 + 财政政策　；参考：《世界经济研究》2012年10期

【摘要】：本文主要建立在新开放主义宏观经济学理论上,进一步拓展和分析不同财政政策在固定汇率制度下对国民经济的影响,如消费、产出与汇率等。通过引入迭代模型的基本框架从而打破传统的李嘉图等价假设,我们发现因为有限生命代理人把所购买的国债看作是一种净财富,所以通过发行债券融资而导致的政府支出暂时的增加毫无疑问地将会增加本国居民相对于国外居民的消费水平。而另一方面,由于汇率水平固定不变和短期的价格粘性,政府支出增加的部分将平均分配给本国和外国商品。因此,政府支出暂时的增加将会减少本国的净国外资产头寸。而对于货币政策来说,本国居民相对消费水平的增加将导致本国货币升值压力,本国中央银行为了维系固定汇率水平不得不被动地增加货币供给。
[Abstract]:Based on the theory of neo-open macroeconomics, this paper further develops and analyzes the influence of different fiscal policies on the national economy under the fixed exchange rate system, such as consumption, output and exchange rate. By introducing the basic framework of the iterative model to break the traditional Ricardo equivalence hypothesis, we find that the bond purchased by the finite life agent is regarded as a net wealth. So a temporary increase in government spending through bond issuance will no doubt increase the level of consumption of domestic versus foreign residents. On the other hand, with fixed exchange rates and short-term price stickiness, the increase in government spending will be distributed equally between domestic and foreign goods. As a result, a temporary increase in government spending would reduce the country's net foreign asset position. For monetary policy, the increase in the relative consumption level of domestic residents will lead to the pressure of the appreciation of the local currency, the central bank has to passively increase the money supply in order to maintain the fixed exchange rate level.
【作者单位】：上海社会科学院世界经济研究所;南京大学商学院;
【分类号】：F830.7;F810

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