CAJ | 학술논문

货币经济学中关于物价水平决定的理论包括货币观点和财政观点。货币当局（中央银行）、财政当局（政府）、民间部门之间的行为博弈共同决定了均衡物价水平路径。货币政策、财政政策组合协调搭配关系可以归结为：积极型货币政策＋积极型财政政策；积极型货币政策＋被动型财政政策；被动型货币政策＋积极型财政政策；被动型货币政策＋被动型财政政策。1990年之后中国货币政策属于被动型货币政策规则，财政政策类型属于李嘉图类型。中国均衡物价水平主要是由货币政策决定的；通货膨胀更多地表现为一种货币现象；财政当局在利用增税方式来平衡债务方面具有较好的控制力。未来中国可以从渐进导入以利率为主要操作工具的通货膨胀目标框架和财政政策债务目标框架、设立财政政策委员会等方面构建保证物价稳定的基本政策操作框架。
화폐경제학중관우물개수평결정적이론포괄화폐관점화재정관점。화폐당국（중앙은행）、재정당국（정부）、민간부문지간적행위박혁공동결정료균형물개수평로경。화폐정책、재정정책조합협조탑배관계가이귀결위：적겁형화폐정책＋적겁형재정정책；적겁형화폐정책＋피동형재정정책；피동형화폐정책＋적겁형재정정책；피동형화폐정책＋피동형재정정책。1990년지후중국화폐정책속우피동형화폐정책규칙，재정정책류형속우리가도류형。중국균형물개수평주요시유화폐정책결정적；통화팽창경다지표현위일충화폐현상；재정당국재이용증세방식래평형채무방면구유교호적공제력。미래중국가이종점진도입이리솔위주요조작공구적통화팽창목표광가화재정정책채무목표광가、설립재정정책위원회등방면구건보증물개은정적기본정책조작광가。
Price determination in monetary economics comprises both monetary and fiscal theories. The path to equilibrium price is jointly determined by the game among monetary authorities, the fiscal authorities and the private sector. The mix of monetary and fiscal policies is classified into four categories ： active mone, tary and fiscal policy, active monetary policy with passive fiscal policy, passive monetary policy with active fiscal policy, passive monetary and fiscal policy. China＇ s monetary policy since 1990 has been passive while fiscal policy has been characteristic of Ricardian fiscal policy. The fiscal authorities have kept a good record in raising tax to balance fiscal deficit. In- flation in China is far more a monetary phenomenon. China can build a operational framework for stabilizing price in the future by gradually introducing the inflation-targeting monetary policy with interest rate being the major operation tool, the debt targeting fiscal policy, and establishing a fiscal policy committee, among others.