1 论文标题：The Effects of Macroeconomic Policies in a Mercantilist Economy

2 作者信息

Gaowang Wang

Center for Economic Research, Shandong University

Heng-fu Zou

China Economics and Management Academy, Central University of Finance and Economics

3 出处：

Cite this article:

Gaowang Wang, Heng-fu Zou. The Effects of Macroeconomic Policies in a Mercantilist Economy[J]. Front. Econ. China, 2018, 13(2): 171-195.

链接：
http://journal.hep.com.cn/fec/EN/10.3868/s060-007-018-0012-7
http://journal.hep.com.cn/fec/EN/Y2018/V13/I2/171

4 摘要

重商主义经济下宏观经济政策的作用

王高望

山东大学经济研究中心

邹恒甫

中央财经大学中国经济与管理研究院

摘要：本文通过把货币和外汇引入邹恒甫（1997）重商主义模型，说明了宏观经济政策在重商主义经济中的作用。长远来看，重商主义情绪、消费税的永久增加、货币增长率的增加和购买外国债券都会导致消费和外国资产的积累增长。然而，短期内，宏观经济波动（包括重商主义情绪、货币增长率和消费税）对当前消费有负面影响，对当前外国资产积累有正面影响，而购买外国债券对当前消费和当前外国资产积累都有正面影响。有关这方面的理论探索可以为新兴市场经济体的国际储备和出口导向型增长战略提供理论指导。

作者简介：

王高望：经济学博士，山东大学副研究员。研究领域为宏观金融。

邹恒甫：哈佛大学经济学博士，教授，中央财经大学中国经济与管理研究院院长，世界银行发展研究部资深经济学家。研究领域为公共财政，经济增长，储蓄收入分配。

The Effects of Macroeconomic Policies in a Mercantilist Economy

Gaowang Wang

Center for Economic Research, Shandong University

Heng-fu Zou

China Economics and Management Academy, Central University of Finance and Economics

Abstract: By introducing money and foreign exchange in the Zou (1997) model of mercantilism, the paper shows the effects of macroeconomic policies in mercantilist economies. It is shown that in the long run, consumption and foreign asset accumulation increases as a result of stronger mercantilist sentiments, permanent increases in the consumption tax, increases in the monetary growth rate and purchases of foreign bonds. In the short run, however, macroeconomic disturbances including the mercantilist sentiments, the monetary growth rate, and the consumption tax have negative effects on current consumption and positive effects on current foreign asset accumulation, while purchasing foreign bonds has positive effects on both current consumption and current foreign asset accumulation. The theoretical explorations may provide a theoretical structure for hoarding international reserves and export-led growth strategy utilized by emerging market economies.