【摘要】 货币政策、财政政策与宏观审慎政策的有机协调，是维持金融稳定与促进经济平稳增长的重要机制。通过引入包含宏观审慎财政政策、金融摩擦和零利率下限等因素的动态随机一般均衡模型（DSGE），探讨政府支出的财政乘数效应。研究发现：（1）纳入金融摩擦的基准模型下财政乘数更大。（2）宏观审慎财政政策对政府支出乘数会产生较大影响，在宏观审慎财政政策稳态值高的情况下，政府支出乘数更大；在宏观审慎政策框架下，财政乘数最大、福利损失最小。（3）考虑零利率下限情况下的政府支出乘数更大。上述研究发现揭示了在宏观审慎财政政策框架下，财政政策乘数更大、福利损失更小、经济稳定性更好，这为政府部门利用宏观审慎财政政策调控经济发展提供了参考依据。更多还原

【Abstract】 The organic coordination of monetary policy, fiscal policy, and macroprudential policy is a crucial mechanism for maintaining financial stability and promoting steady economic growth. By introducing a dynamic stochastic general equilibrium(DSGE) model incorporating macroprudential fiscal policy, financial frictions, and the zero lower bound, this study examines the fiscal multiplier effect of government spending. The findings reveal:(1) The baseline model with financial frictions yields a larger fiscal multiplier;(2) Macroprudential fiscal policy significantly influences the government spending multiplier, with higher steady-state values of macroprudential fiscal policy leading to greater multipliers; under the macroprudential policy framework, the fiscal multiplier is maximized while welfare losses are minimized;(3) The government spending multiplier is larger when the zero lower bound is considered. These results demonstrate that under the macroprudential fiscal policy framework, fiscal policy multipliers are larger, welfare losses are smaller, and economic stability is improved, providing a reference for government departments to utilize macroprudential fiscal policy for economic regulation.更多还原