市场权力、财政支出结构与最优财政货币政策

【原文出处】经济研究

【原刊地名】京

【原刊期号】20104

【原刊页号】67～80

【英文标题】Market Power, Fical Expenditure's Composition, and Optimal Fiscal and Monetary Policies

【标题注释】本文是国家自然科学基金项目（70750002）、教育部哲学社会科学研究重大课题攻关项目（08JZD0012）、高等学校全国优秀博士学位论文作者专项资金资助项目（200904）和中国人民大学研究基金项目（明德青年学者培育计划10XNJ001）的阶段性成果。非常感谢匿名评审专家提出的宝贵意见。

【作 者】贾俊雪/郭庆旺

【作者简介】贾俊雪、郭庆旺，中国人民大学中国财政金融政策研究中心，北京 100872，电子信箱：jiajunx＠ruc.edu.cn,guoqw＠ruc.edu.cn。

【内容提要】本文构建了一个不完全市场竞争条件下的动态随机均衡模型，并以改革开放以来的中国经济为样本进行数值模拟分析，深入剖析了不同经济条件下最优财政政策和货币政策的周期特征。理论分析表明，即使在完全市场竞争条件下，弗里德曼货币政策规则也并非最优，其根源在于**生产性支出的生产外部性。数值模拟分析进一步支持了这一结论，同时表明，最优劳动所得税率和**生产性支出比重在整个周期内的波动幅度较小且具有较强的持续性；最优通货膨胀率具有高度波动性，持续性很弱；市场权力、风险厌恶和公共服务拥挤程度对最优财政政策和货币政策的周期特征具有重要影响。这对于我国实现宏观经济稳定的财政政策和货币政策选择具有重要意义。

【摘 要 题】政策选择

【英文摘要】This paper studies optimal fiscal and monetary policy under imperfect competition in a stochastic dynamic economy with government consumption and productive expenditure. Our theoretical analysis suggests that the Friedman rule ceases to be optimal even under perfect competition, which is mainly due to the productive externalities of government productive expenditure. The simulation analysis based on Chinese economy supports.this results and suggests that the optimal labor income tax rate and the ratio of government productive expenditure to total government expenditure are stable over, the business cycle and the inflation rate is highly volatile, which is significantly affected by market monopoly powers and the degree of risk aversion and public service's congestion.

【关 键 词】市场权力/财政支出结构/最优财政货币政策

　Market Powers; Government Expenditure's Structure; Optimal Fiscal and Monetary Policies

【正 文】

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