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Review, Experience Summary and Academic Prospect of Fiscal and Monetary Policy Coordination Paradigm in China in the Past 70 Years

【Authors】
LIU Jinquan, ZHANG Long
【WorkUnit】
Jilin University, 130012.
【Abstract】

Since its founding, the People's Republic of China has made remarkable achievements and already has objective conditions for moving towards high-quality development. In different development stages and under different policy objectives, the regulation effects of fiscal policies and monetary policies vary. In order to achieve economic growth and price stability, China's fiscal and monetary policies have undergone various switches. This paper first reviews collocation models of China's fiscal policy and monetary policy over the past 70 years, and sums up the combination paradigm based on flexible presentation, discretionary regulation, demand management, and tool diversity. Then, it summarizes the dilemmas, such as the conflict between multiple goals, lagging and misplaced regulating effects, diminishing marginal economic effects and policy effects offset. Lastly, it points out the possible innovation mechanism in the combination paradigm, expectation management, supply-demand synergy, tool coordination, and the direction for the academic study.

JEL:E52, E62

【KeyWords】
Fiscal Policy, Monetary Policy, Macroeconomic Regulation, Coordination Paradigm