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本文基于包含金融加速器的新凯恩斯主义垄断竞争框架,研究了财政政策和货币政策冲击对我国宏观经济的影响.实证结果表明,财政政策能够解释部分就业、消费和资本存量波动;货币政策冲击则能够解释大部分通货膨胀、就业波动,以及部分产出、消费和投资波动.总体上,模型能够较好地刻画中国宏观经济波动特征.本文认为今后一段时期内,应当将财政政策更多转向民生领域和基础设施建设,重视货币政策调控,从而更有效地调控宏观经济运行.“,”The paper builds a dynamic stochastic general equilibrium frame- work incorporating financial accelerator on the basis of New Keynesian analysis with multiple exogenous shocks. The paper focuses fiscal policy and monetary policy shocks to Chinese macro - economy. The empirical result shows that fiscal policy can explain part of volatility of employment, consumption and capital accumulation, the monetary policy can explain large part of volatility of inflation, employment and part of output, consumption, investment, the important of fiscal and monetary policy to economic stability. Totally, the model can capture the character of Chinese economy and explain the real economic variables well. The paper suggests that the fiscal policy should care more about the social welfare and infrastructure construction; the monetary policy should care more about effect of interest rate adjustment and its corresponding marketing reform; the government should make two policies more efficiently adjust the macro - economy.