5719 
8210文章将人口结构、财政支出结构和货币政策引入新凯恩斯动态随机一般均衡框架，重点分析了人口老龄化对我国宏观调控经济政策的影响。研究结果显示：除了人口老龄化自身对经济增长的负面影响，留给宏观调控政策的腾挪空间也越发有限−影响政策调控的有效性，增加政策实施的成本。（1）除了加重财政养老负担，人口老龄化更损害财政刺激效果和财政绩效质量，限制政府实施反周期政策的能力，压缩财政政策发挥的空间；（2）老年人主导的社会对通货膨胀的容忍度将不断下调，势必削弱货币政策刺激总需求能力，增加政策实施成本，迫使中央银行改变货币政策操作方式，可能采取更激进措施以实现相同效果，强化金融脆弱性；（3）相比增加人口生育率，提高劳动参与率既是缓解短期财政养老负担、保障养老融资可持续性的关键，也是有效增加劳动供给、改善政策发挥生态环境，进而提高财政政策与货币政策有效性的权宜之计。
人口老龄化影响财政与货币政策的有效性吗？
摘要
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引用本文
李建强, 张淑翠. 人口老龄化影响财政与货币政策的有效性吗？[J]. 财经研究, 2018, 44(7): 16-32.
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