关键词: 财政政策, 货币政策, 货币资金, 经济增长, TVPSVVAR模型

Abstract: This paper clarifies the mechanism of dynamic macroeconomic regulation and control by the combination of fiscal policy and monetary policy, and reveals the “black box” mechanism of their coordinated influence on the economy and the ways of their combination in different stages of the economy. Using China,s quarterly economic data from 2004 to 2019, this paper constructs TVPSVVAR model to explore the effects of the two kinds of policies on macroeconomy. The results show that fiscal policy and monetary policy jointly control the liquidity “gate” to achieve interactive coordination. The combination of fiscal policy and monetary policy is timevarying, which promotes economic development in the same direction as a whole. The impact of the two types of policies on output is not always consistent with the theory, and there is still room to optimize the targeted operation at the structural level.

Key words:  , fiscal policy, monetary policy, monetary fund, economic growth, TVPSVVAR model