经济学报2025，Vol.12Issue(3)：72-85,14.
总需求管理政策组合的结构性后果
Structural Consequences of Aggregate Demand Management Policy Mixes
摘要
Abstract
Expenditure structure,industrial structure and some other key economic indicators of Chinese economy have experienced turning changes since the second decade of 21st century.As for China's aggregate demand management,the investment stimulus implemented by local government has played a more prominent role than the interest rate policy and conventional fiscal policy.We set up a macroeconomic model with the above mentioned Chinese characteristic to analyze the impacts of the interest rate policy and local government investment stimulus on aggregate demand,and display the consequent variations in structural indicators such as the debt leverage,proportion of private investment and consumption rate.Our main finding is that China would achieve a lower debt leverage ratio,higher proportion of private investment and household consumption while effectively stimulating the aggregate demand once the authorities implement a more active interest rate policy rather than the local government investment stimulus.关键词
总需求管理/利率政策/地方政府投资/杠杆率/民营投资/消费率分类
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张斌,夏广涛..总需求管理政策组合的结构性后果[J].经济学报,2025,12(3):72-85,14.基金项目
本研究受研究阐释党的十九届五中全会精神国家社科基金重大项目"构建以国内大循环为主体、国内国际双循环相互促进的新发展格局研究"(项目编号:21ZDA008)以及中国社会科学院重点实验室综合资助项目《世界经济预测与政策模拟实验室》(项目编号:2024SYZH003)的资助. （项目编号:21ZDA008）
