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本文利用传统的IS-LM模型对开放经济下稳定性财政政策有效性的边界条件进行了分析,得出稳定性财政政策有效性的三个必要条件,一是利率上升的收入效应必须小于其替代效应,这是保证IS曲线斜率为负的必要条件;二是货币供给的利率弹性高于私人部门货币需求的利率敏感性,这是保证LM曲线斜率为正的必要条件;三是财政政策对私人部门需求的挤出效应要小于财政政策力度,这是保证财政政策对总需求的净效应大于零的必要条件。只要满足这三个条件,稳定性财政政策总是有效的,其有效程度取决于乘数的规模和政策力度净强度。
In this paper, the traditional IS-LM model is used to analyze the boundary conditions for the effectiveness of a stable fiscal policy in an open economy. Three necessary conditions for the effectiveness of a stable fiscal policy are obtained. First, the income effect of the rising interest rate must be smaller than its substitution This is the necessary condition to ensure that the slope of IS curve is negative. Second, the interest rate elasticity of money supply is higher than the interest rate sensitivity of private sector. This is the necessary condition to ensure that the slope of LM curve is positive. Third, The crowding-out effect of departmental demand is smaller than that of fiscal policy, which is the necessary condition for ensuring that the net effect of fiscal policy on aggregate demand is greater than zero. As long as these three conditions are met, the fiscal policy of stability will always be effective, and its effectiveness depends on the size of the multiplier and the net intensity of its policy efforts.