摘要
在全球经济金融一体化的背景下,中国对外经济开放度的提高对需求、供给政策的有效性产生了复杂深刻的影响。本文通过构建OR模型分析框架,分析了不同汇率制度下金融市场和商品市场一体化程度对需求政策、利率泰勒规则、财政供给和劳动供给政策有效性的影响。根据理论分析和数值模拟以及以中国年度数据进行实证检验,提出了一个可检验的假说,表明开放条件宏观政策的有效性取决于商品市场和金融市场一体化程度及二者的相互作用。
This paper aims to determine how increasing goods and financial market integration changes the effectiveness of shock of fiscal Policy, monetary supply, interest rate and labor supply. Expansionary macroeconomic policies are analyzed under different degrees of goods and financial market integration in a dynamic general equilibrium framework with different foreign exchange regime Simulations and empirical evidence show that the link between the effectiveness of maeroeconomie policies and economic openness is nonlinear, namely the effectiveness of macroeconomic policy tools changes significantly depending not only on the magnitude of adjustment costs and transport costs, but also on the interactions between goods and financial market integration.
出处
《经济研究》
CSSCI
北大核心
2008年第3期48-59,共12页
Economic Research Journal
