文献类型：期刊文献

中文题名：外部供给冲击、生产网络与货币财政政策协调

英文题名：External Supply Shocks,Production Networks,and Monetary-Fiscal Policy Coordination

作者：侯淑婷[1];王义中[2]

机构：[1]华东理工大学商学院;[2]浙江大学经济学院

年份：2025

卷号：25

期号：3

起止页码：631

中文期刊名：经济学(季刊)

外文期刊名：China Economic Quarterly

收录：;北大核心:【北大核心2023】；

基金：国家社科基金重大项目(24ZD088);中央高校基本科研业务费专项资金的资助。

语种：中文

中文关键词：生产网络;货币政策;财政政策

外文关键词：production network;monetary policy;fiscal policy

摘要：本文研究外部供给冲击经生产网络传导而产生的影响,以及最优政策协调方式。研究发现:外部上游和中下游供给冲击会影响本国不同生产阶段的产出、自销和出口;投入产出波动取决于本国对外国产业链的依赖程度、自主垂直化程度和金融网络约束强度;面对外部上游冲击,最优协调政策是通过降低利率和财政补贴以减轻融资成本,而面对外部中下游冲击,最优政策是提高利率以吸引外资流入和增加央行债券购买以维持流动性。
We explore how external supply shocks affect domestic economies through production net-works and identifies optimal policy coordination.We find that upstream and downstream external shocks have significantly different impacts on input-output dynamics,and these effects vary with firms'positions in the network,dependence on foreign industries,degree of vertical integration,and financial constraints.In response to upstream shocks,the optimal policy involves lowering interest rates and providing fiscal subsidies to ease financing costs.For downstream shocks,the optimal policy is to raise interest rates to attract foreign capital and increase central bank bond purchases to maintain liquidity.