Research on Macro-Prudential Policies,Financial Frictions,and Government Expenditure Multipliers
The macro-prudential fiscal policy can effectively reduce the fiscal footprint of mone-tary policy,which is playing a crucial role in controlling debt growth and ensuring economic security.On the basis of establishing a dynamic stochastic general equilibrium model for an open economy,this paper explores the issue of government expenditure multiplier by introducing a macro prudential fiscal policy framework and financial friction factors.The findings show that:firstly,the government expenditure multipliers under the framework of macro-prudential policies is bigger than that without government expenditure multipliers.When only considering the government department debt,the gov-ernment expenditure multipliers under the framework of macro-prudential policies is the biggest,while the welfare losses are minimized;when the debt of both households and government departments are considered,the government expenditure multiplier under the macro prudential policy framework is smaller than that under the benchmark model.Secondly,under the macro-prudential policy framework,the government expenditure multiplier is smaller under a floating exchange rate system than under a fixed exchange rate system,which is in line with the classical macroeconomic theory.Thirdly,the government expenditure multiplier under financial friction is larger than that without considering finan-cial friction.Given the positive role of macro-prudential policies in controlling debt risks and leverag-ing the multiplier effect of government spending,it is recommended that government departments in-troduce macro-prudential policies in the field of fiscal policy.
government expenditure multiplierfinancial frictionsmacro-prudential policydynam-ic stochastic general equilibrium model
万方数据
维普
