中国宏观调控工具的选择及效应研究

基于中国的宏观调控政策事实，本文在Gali（1992）基础上构建了包含数量型货币 政策、价格型货币政策和财政政策的SVAR模型，并运用1995年-2017年的宏观数据进行了实证 检验。SVAR模型的实证显示，数量型货币政策对产出和通胀均有正向效应，价格型货币政策 对当前宏观经济增长作用有限，扩张性财政政策对产出和通胀均有快速显著的正向刺激作用。

Research on the Selection and Effect of China's macroeconomic Control Tools

Based on the facts of China''s macro-control policies, this paper constructs a SVAR model based on Gali (1992), which includes quantitative monetary policy, price test policy and fiscal policy, and uses the macro data from 1995 to 2017 to test empirically. The empirical test of the SVAR model shows that the quantitative monetary policy has a positive effect on both output and inflation. The price monetary policy has a limited effect on the current macroeconomic growth. Expansionary fiscal policy has a positive and rapid positive effect on output and inflation Stimulation.