中间汇率制度下货币、财政政策效应比较及政策建议

蒙代尔-弗莱明模型(M-F模型)研究了固定汇率制和浮动汇率制下财政、货币政策的有效性。将其拓展到中间汇率制度下发现,无论资本的流动性如何,扩张性的财政政策和货币政策基本有效,其效应介于固定汇率制和浮动汇率制的情况之间。实行中间汇率制度的国家在进行宏观调控时,最应该运用财政、货币政策搭配方法,此时政策效果最好。

Comparison between Effects of Monetary Policy and Financial Policy under Intermediate Regime

This paper extends the Mundell-Flemming Model under the intermediate regime.The result shows that expansionary financial policy and monetary policy are basically effective no matter how the fluidity of capital is,and their effects are between those under fixed and floating exchange rate regimes.Finally,it draws the conclusion that countries implementing the intermediate regime should coordinate the combination of financial policy and monetary policy for macro-control to achieve the best effect.