论文部分内容阅读
在物价水平的决定问题上,理论界一直存在所谓货币论与财政论之争。本文首先以政府预算约束等式为基础,区分了李嘉图制度和非李嘉图制度,然后运用相关数据,先后通过盈余—负债两变量VAR模型和周期性盈余—结构性盈余—负债三变量VAR模型实证研究了中国财政政策属性。结果发现,1985-2010年间中国财政政策具有李嘉图制度属性,因此所谓的物价水平决定的财政理论(FTPL)在中国并不适用。这意味着,中国应该加强货币政策的科学运用,以更好地实现物价稳定的宏观经济调控目标。
On the question of the decision of the price level, there has been a debate between the so-called theory of currency and the theory of finance in theorists. Based on the government budget constraint equation, the paper divides the Ricardian system from the non-Ricardian system. Then, using the relevant data, this paper studies the three-variable VAR model with earnings-liability two-variable VAR and cyclical earnings-structured earnings- China’s fiscal policy attributes. As a result, it has been found that China’s fiscal policy has the Ricardian system property between 1985 and 2010, so the so-called fiscal-level decision (FTPL) does not apply in China. This means that China should strengthen the scientific application of monetary policy in order to better achieve the objective of macroeconomic regulation and control of price stability.