Fiscal and Monetary Policy,Target Preference and Structural Regulation
The target preference and the structural effects of fiscal and monetary policy are the focus of the policy authorities.This article first quantitatively measures China's fiscal and monetary policy regulation index,and combines China's macroeconomic development to summarize the target preference of China's fiscal and monetary policy,and further based on TVTP-MS-FAVAR model analysis the effects of China's fiscal and monetary policy on the macroeconomic target's"total regulation"and"structural optimization".First,China's fiscal and monetary policy regulation indexes have a better policy matching effect and guiding effect.The macroeconomic regulation"counter-cyclical"feature is obvious.The fiscal policy mainly focuses on economic growth,and the monetary policy focuses on the price level.Second,the economic growth effect of fiscal policy has similarities and differences in"revenue and expenditure"and"structure",the"regional"effect of government investment expenditure and consumption tax is obvious.Third,the price effect of monetary policy has"quantity and price"differentiation and"regional preference".Quantitative tools have significant"regional"regulation effects when prices rise,and priced tools have better"regional"regulation effects when prices fall.The conclusions of this paper have important reference value for the policy authorities to grasp the time-varying dynamic characteristics of China's fiscal and monetary policy regulation,fiscal and monetary policy pegging to target preferences,fiscal and monetary policy structural regulation and coordination paradigm.
万方数据
维普
