CAJ | 학술논문

经济衰退期间，制定正确的财政政策，协调好短期调控与长期增长问题一直是政策制定者关心的重要问题。本文首次在Hansen（1985）模型基础上引入政府与民间投资，研究财政政策效果。基于中国数据的数值模拟结果表明：财政政策效果取决于政府投资与民间投资的互补性。如果政府投资能够带动而非挤出民间投资，财政刺激效果会更好。所以，为了促进经济平衡有效增长，必须不断探索政府投资的“四两拨千斤”作用，从而激活蕴藏丰富潜力的民间投资。
경제쇠퇴기간，제정정학적재정정책，협조호단기조공여장기증장문제일직시정책제정자관심적중요문제。본문수차재Hansen（1985）모형기출상인입정부여민간투자，연구재정정책효과。기우중국수거적수치모의결과표명：재정정책효과취결우정부투자여민간투자적호보성。여과정부투자능구대동이비제출민간투자，재정자격효과회경호。소이，위료촉진경제평형유효증장，필수불단탐색정부투자적“사량발천근”작용，종이격활온장봉부잠력적민간투자。
During the recession, how to formulate appropriate fiscal policy so as to strike a balance between short-term policy effects and long-term growth is always a concern for policymakers. This paper innovatively introduces government and private investments into the RBC model （Hansen, 1985 ） to study the effects of fiscal policy under China＇s circumstances. As reflected in the results, the effects of fiscal policy depend on the interaction between government investment and private investment. If government investment is able to promote rather than squeeze out private investment, fiscal stimulus could achieve better results. Therefore, in order to promote balanced and sustained economic growth, it is of great significance to further explore the catalyst role of government investment to boost private investment and tap the vast amount of private capital.