汇率制度_经济开放度与中国需求政策的有效性(16)

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The Theoretical and Empirical Analysis on the E ffectiveness

of Demand and Supply Policy with Foreign Exchange R egime

and Degree of Economy Openness

Zhang Y ing

(Chinese F oreign Exchange T rading System )

Abstract :This paper aims to determine how increasing g oods and financial market integration changes the effectiveness of shock of fiscal P olicy ,m onetary supply ,interest rate and labor supply.Expansionary macroeconomic policies are analyzed under different degrees of g oods and financial market integration in a dynamic general equilibrium framew ork with different foreign exchange regime.S imulations and em pirical evidence show that the link between the effectiveness of macroeconomic policies and economic openness is nonlinear ,namely the effectiveness of macroeconomic policy tools changes significantly depending not only on the magnitude of adjustment costs and transport costs ,but als o on the interactions between g oods and financial market integration.K ey Words :New Open Economy Macro 2M odels ;Economy Openness

JE L Classification :E32,F12,F41

(责任编辑:晓　喻)(校对:晓　鸥)

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