Coordination of Fiscal and Monetary Policies from Macro and Micro Perspectives:International Comparisons and Research Review
The international financial crisis in 2008 and the COVID-19 in 2020 pushed fiscal and monetary policy coordination to the forefront of the world's attention.The United States,the Eurozone,Japan,and China have conducted a large number of policy practices on fiscal and monetary policy coordination from both macro and micro levels.The comparison shows that in terms of policy objectives,the consistency of fiscal and monetary authorities in various countries has been enhanced during crises,providing innovative space for fiscal and monetary policy coordination practice.China has obvious institutional advantages in policy objective consistency.In terms of tool combinations,both the United States and Japan have achieved a high level of fiscal and monetary policy coordination.The eurozone is constrained by a single currency and a diversified fiscal pattern,and policy coordination is relatively weak at the implementation level.China's fiscal and monetary coordination is concentrated on business intersections.In terms of transmission mechanism,the efficiency of policy transmission varies among different countries due to their financial market structures.In terms of theoretical progress,research on fiscal and monetary policy coordination at the macro level focuses on policy coordination in the new macro context,the discussion of"fiscal deficit monetization"under rapid debt growth,and the risk of fiscal and monetary policy coordination failure.At the micro level,it is reflected in the academic evaluation of the performance of micro policy practices in various countries.From a macro and micro perspective,there are three new trends in theoretical research,namely,focusing on the inconsistency of fiscal and monetary policy goals,emphasizing the combination effect of fiscal and monetary policy with other policies,and emphasizing the heterogeneity analysis of fiscal and monetary policy effects.Finally,potential directions for future research on fiscal and monetary policy coordination are discussed from three dimensions:research perspective,research content,and research methods.
Fiscal PolicyMonetary PolicyPolicy CoordinationMacro and Micro Perspectives
万方数据
维普
