试论我国财政政策与货币政策的协调配合

财政政策和货币政策是对国民经济进行宏观调控的两大主要经济手段，两在一定条件下的协调配合可对社会总供给与总需求平衡产生巨大的作用，从而实现国民经济的健康，协调发展。本就社会主义市场经济条件下如何正确认识和协调这两大经济手段谈些管见。     

概论财政政策与货币政策的协调配合

财政政策与货币政策,是国家宏观经济调控中至关重要的两大政策。本文概略地讨论两者的基本内容、相互联系,以及我国现阶段在它们相互配合、协调实施方面需注重的一些要点。一、财政政策与货币政策的联系与区别财政政策,是国家在财政领域内制定的各项政策的统称,是国家为追求特定目标、贯彻经济和社会发展战略所采取的财政工作方针的具体化形式。依据不同的角度,我们可以对财政政策作不同的分类,如收入政策与支出政策,总量政策与结构政策,扩张性的赤字政策、     

我国财政政策与货币政策协调配合问题研究

建立科学合理的财政-货币政策协调配合机制,是完善中国宏观经济调控所面临的一项重要任务.本文首先分阶段简要回顺中国财政政策和货币政策协调的历史过程,然后分析两种政策的协调配合存在的问题,认为集中表现为国债市场存在的缺陷以及财政投融资体系小完善这两个方面,最后有针对性地提出改善两种政策协调配合机制的政策建议.     

新时期我国财政政策与货币政策协调配合的方法

近几年,随着我国改革开放的不断深化,财政政策与货币政策在调整经济结构促进市场经济迅猛发展方面上起到了至关重要的作用,因此重视两大政策的协调配合,在政策实施过程中紧紧把握二者的协同性就成为当今社会不可忽视的问题之一,本文从二者在协调配合的意义出发,以二者在配合方面存在的问题入手,提出了新时期我国财政政策与货币政策在加强协调配合方面的方法。     

论货币政策与财政政策的协调配合

货币政策与财政政策都是国家的宏观经济政策,二者如何协调一直是人们关注的焦。本文从货币政策与财政政策的作用机制、政策时效、政策功能等方面阐述了二者配合的必要,并对配合的方式提出一些建议。     

Designing targeting rules for international monetary policy cooperation

This study analyzes a two-country dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy objective function of the policymakers.It is shown that only under special conditions there are no gains from cooperation and moreover that the paths of the exchange rate and prices in the constrained-efficient solution depend on the kind of disturbance that affects the economy. Despite this result, simple targeting rules that involve only targets for the growth of output and for both domestic GDP and CPI inflation rates can replicate the cooperative allocation.     

世界货币金融格局大转换与中国金融经济战略选择

自70年代以来，世界货币金融格局调整，并逐渐定型为以洲际为特征的相互联结、合作税姑大货币金融板块，中国处于亚洲及东太平洋地区板块的要地，制定稳步推进资本项目人民币自由兑换战略，占据先机，正当其时。     

不良金融资产与中国货币政策有效性

目前关于不良金融资产问题 ,人们更多是从金融风险角度来讨论不良金融资产的成因及其化解等问题 ,而对于不良金融资产对中国货币政策有效性的影响则缺乏深入研究。从宏观经济总量角度看 ,不良金融资产使市场化改革中的商业银行经营行为发生变异 ,相应使商业银行作为主要传导中介的货币政策实施效果受到严重影响。提高我国货币政策的有效性、强化宏观金融的调控效率 ,应充分考虑巨额不良金融资产所产生的消极影响 ,并采取相应的对策。     

The dampening effect of bank foreign liabilities on monetary policy: Revisiting monetary cooperation in East Asia

This paper addresses the cost of formal monetary cooperation from the perspective of monetary policy effectiveness. As banks tend to borrow from abroad in foreign currencies to fund domestic lending, monetary policy may have a reduced effect on the credit market and the economy. Results derived from bank level data in East Asia indicate that bank foreign liabilities significantly reduce the effectiveness of the credit channel of monetary policy, implying a relatively low cost of giving up monetary autonomy.     

我国股市波动对货币政策的效应分析

随着我国股票市场的建立与发展,货币政策实施的环境发生了很大变化。本文经过实证分析,发现1993年以来我国股市波动对货币政策执行效果具有随机性的双重效应。我国股市的过度投机行为,转轨时期的特殊经济环境引起公众心理预期变化和收入差距拉大是造成我国股市波动对货币政策效果产生随机效应的具体原因。为提高我国货币政策的有效性,央行应将股市波动对货币政策的影响纳入可控的范围之内。     

Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics

This paper examines firms’ access to bank and market finance when allowance is made for differences in firm-specific characteristics. A theoretical model determines the characteristics such as size, risk and debt that would determine firms’ access to bank or market finance; these characteristics can result in greater (or lesser) tightening of credit when interest rates increase. An empirical evaluation of the predictions of the model is conducted on a large panel of UK manufacturing firms. We confirm that small, young and risky firms are more significantly affected by tight monetary conditions than large, old and secure firms.     

Optimal sustainable monetary policy

In recent monetary policy literature, optimal commitment policy and its variant from a timeless perspective have been studied with emphasis on welfare gains from policy commitment. These policies, however, involve a time-consistency problem called a stabilization bias in forward-looking models. We analyze Chari and Kehoe's [1990. Sustainable plans. Journal of Political Economy 98, 783-802] sustainable equilibrium and examine optimal sustainable policy, i.e. a policymaker's strategy in the best sustainable equilibrium. This paper shows that such a policy becomes consistent with the optimal commitment policy in sufficiently later periods. It also shows that whether the optimal sustainable policy can attain the Ramsey equilibrium outcome depends on the magnitude of shocks hitting the model economy. Moreover, the paper finds a sustainable policy that attains higher social welfare than discretionary policy does.     

Unconditionally optimal monetary policy

We develop a simple and intuitive approach for analytically deriving unconditionally optimal (UO) policies, a topic of enduring interest in optimal monetary policy analysis. The approach can be employed in both general linear-quadratic problems and in the underlying non-linear environments. A detailed example is provided using a canonical New Keynesian framework.