The Evolution Of Stage Characteristics Of China's Monetary And Fiscal Policy Coordination And Its Enlightenment

The coordination of monetary policy and fiscal policy means that on the basis of respecting each other's independence and fully exchanging information,the two major policies can coordinate and cooperate with each other in terms of policy type,regulatory direction and policy tools,so as to jointly and efficiently achieve macro-control objectives.The quality of coordination will directly affect the operation of the national economy.The development of Chinese economy still remain in a strategic opportunity period,in which the structural,institutional,and cyclical problems are interweaved.The current in-depth study of the phase characteristics and effects of China's two major policy coordination will help to more effectively coordinate the use of fiscal and monetary policies and maintain stable economic growth when facing and dealing with the complex economic situation in the future.This article first combs the basic concepts of monetary policy and fiscal policy coordination,important economic theoretical models and the path of the two major policy coordination,and then reviews China 's historical development in different historical aspects mainly from the choice of collocation model and policy tool coordination.The evolution of the phased characteristics of the coordination and coordination of the two major policies at the stage,summing up its experience and enlightenment of using the two major policies to achieve the current economic goals,and found that the coordination of the two major policies in China has played an important role in achieving the goals of macroeconomic regulation Monetary policy is more flexible when dealing with short-term shocks,but there are still mistakes such as insufficient coordination and utilization of policy tools and deviations in policy objectives at different stages and different targets.In order to analyze the coordination effect of the two major policies on economic growth since 1996 and the relationship between them,the vector autoregressive model was used for empirical analysis to conclude that the joint effect of monetary policy and fiscal policy will strengthen the single policy's effect on economic growth.Irritation.In the short term,there is a time lag in monetary policy,and fiscal policy is more significant than monetary policy in economic growth.However,because of the crowding-out effect of fiscal policy in the long run,monetary policy has a stronger effect on economic growth.The increase in fiscal expenditure will expand the money supply,which has little effect on fiscal expenditure.Finally,according to the current economic situation,this article puts forward relevant suggestions for the coordination of China's monetary policy and fiscal policy from the aspects of optimizing the two policy coordination objectives and strengthening the coordination of policy tools.