摘要
在数字时代,财政货币政策协同的微观基础——价格粘性正在发生变化,系统评估其对财政货币政策协同效应的影响,具有重要的理论价值与现实意义。结合线上和线下市场的微观价格大数据测度价格粘性,构建融合线上线下市场的一般均衡调价模型,研究财政货币政策协同对消费的刺激作用,可以发现:随着线上占比提高、价格粘性减弱,货币政策有效性下降,但包含消费补贴的财政政策效果会增强,二者协同可以显著增强消费刺激效果;不同部门的价格粘性存在显著差异,对不同部门进行消费补贴,其与货币政策协同作用的效果也不同。以上发现为充分利用大数据与人工智能技术赋能宏观政策制定,将线上价格变化纳入通胀度量与货币政策框架,基于不同部门的差异性加强财政货币政策的协同配合,提供了有益借鉴。
In the digital era,the micro-foundation of fiscal and monetary policy coordination—price stickiness—is undergoing substantial transformation.Systematically assessing how these changes influence policy synergy is important both theoretically and practically.Drawing on extensive price data from online and offline markets,this study measures price stickiness and incorporates these findings into a general equilibrium price adjustment model to examine the stimulative effects of fiscal and monetary policy coordination on consumption.Our findings reveal that as the share of online transactions increases and price stickiness weakens,monetary policy becomes less effective,while the efficacy of fiscal policies involving consumption subsidies increases.When these policies are coordinated,their stimulative effects on consumption increase significantly.Furthermore,because degrees of price stickiness vary across sectors,the synergy between subsidies and monetary policy also differs by sector.These findings offer valuable insights for leveraging big data and AI technologies in macroeconomic policymaking,incorporating online price dynamics into inflation measurement and monetary policy frameworks,and enhancing fiscal and monetary coordination through sector-specific approaches.
作者
姜婷凤
李明浩
汤珂
Jiang Tingfeng;Li Minghao;Tang Ke
出处
《中国社会科学》
北大核心
2025年第12期88-107,201,共21页
Social Sciences in China
基金
国家自然科学基金面上项目“基于在线大数据的通货膨胀动态研究”(72473018)阶段性成果。
