关键词: 宏观经济治理, 财政政策, 货币政策, 政策协调, 结构优化

Abstract: The effective coordination between fiscal policy and monetary policy is the basic condition for a sound macroeconomic governance system with optimized objectives, reasonable division of labor, and efficient coordination. This paper makes use of the MDQVAR model to test the impact of fiscal policy with different intensities on the effectiveness of monetary policy in regulating the three economic targets, i.e., economic growth, price stability and debt controllability, and the impact of the changes in the fiscal policy structures on the regulation effect of monetary policy. The findings show that during the economic downturn, the coordination between low-intensity taxation policy and loose quantity-based monetary policy can quickly promote economic recovery and achieve the goal of stable economic growth. During the economic overheating period, the coordination between high-intensity taxation policy and tight price-based monetary policy is more effective in stabilizing the price level and achieve the target of restraining inflation. During the stable economic period, the coordination between high-intensity fiscal expenditure and tight price-based monetary policy can achieve the three regulating goals of stabilizing economic growth, controlling inflation and reducing government debt. Therefore, when the proportion of productive fiscal expenditure is adjusted to the medium level, the macro-control effect of policy mix is further strengthened. Therefore, the combination of fiscal and monetary policies should be adjusted according to the policy objectives of different economic periods. We shouldoptimize the structure of government spending, maintain a proper proportion between productive spending and consumption spending, seek a dynamic balance among multiple objectives, so as to improve the macroeconomic governance system andpromote the high-quality economic development.

Key words: macro economy regulation, fiscal policy, monetary policy, policy coordination, structural optimization