在影响宏观经济结果方面，各国**通常依赖两种主要行动方案之一：货币政策或财政政策。

货币政策涉及中央银行对货币供应量和利率的管理。为了**摇摇欲坠的经济，央行将降低利率，降低借贷成本，同时增加货币供应量。如果经济增长过快，央行可以通过加息和取消货币流通来实施从紧的货币政策。

另一方面，财政政策决定了中央**通过税收挣钱的方式和如何花钱。为了帮助经济，**将在增加自身开支的同时降低税率；为了给过热的经济降温，**将提高税收并削减开支。关于货币政策或财政政策是否是更好的经济工具的争论很多，每个政策都有利弊。

关键要点

• 央行利用货币政策工具控制经济增长，**经济走出衰退期。
• 虽然中央银行可以发挥作用，但目前实施的短期补救措施可能会产生负面的长期后果。
• 财政政策是**用来改变税收和支出水平以影响经济的工具。
• 财政政策可能会受到政治和安抚选民的影响，这可能会导致不受数据或经济理论影响的糟糕决策。
• 如果货币政策与各国**制定的财政政策不协调，也会破坏**的努力。

货币政策概述

货币政策是指一国中央银行为实现宏观经济政策目标而采取的行动。一些央行的任务是针对特定水平的通胀。在美国，联邦储备银行（美联储）已经成立，其任务是实现最大限度的就业和价格稳定。这有时被称为美联储的“双重授权” 大多数国家将金融管理局与任何可能破坏其授权或影响其客观性的外部政治影响分开。因此，包括美联储在内的许多央行都是作为独立机构运作的。

当一个国家的经济增长速度如此之快，以至于通货膨胀上升到令人担忧的水平时，央行将颁布限制性货币政策来收紧货币供应量，有效地减少流通中的货币量，降低新货币进入体系的速度。提高现行的无风险利率将使资金更加昂贵，并增加借贷成本，减少对现金和贷款的需求。美联储还可以提高商业银行和零售银行必须保持的储备水平，限制它们发放新贷款的能力。在公开市场向公众**其资产负债表中的**债券也减少了流通中的货币。货币主义学派的经济学家坚持货币政策的优点。

当一个国家的经济陷入衰退时，这些相同的政策工具可以反过来操作，构成宽松或扩张性的货币政策。在这种情况下，利率降低，准备金限额放宽，购买债券以换取新创造的货币。如果这些传统措施不能奏效，央行可以采取非常规货币政策，如量化宽松（QE）。

货币政策利弊

赞成的意见

• Interest Rate Targeting Controls Inflation 

  A **all amount of inflation is healthy for a growing economy as it encourages investment in the future and allows workers to expect higher wages. Inflation occurs when the general price levels of all goods and services in an economy increases. By raising the target interest rate, investment becomes more expensive and works to slow economic growth a bit.

• Can Be Implemented Fairly Easily 

  Central banks can act quickly to use monetary policy tools. Often, just signaling their intenti*** to the market can yield results.

• Central Banks Are Independent and Politically Neutral 

  Even if monetary policy action is unpopular, it can be undertaken before or during electi*** without the fear of political repercussi***.

• Weakening the Currency Can Boost Exports 

  Increasing the money supply or lowering interest rates tends to devalue the local currency. A weaker currency on world markets can serve to boost exports as these products are effectively less expensive for foreigners to purchase. The opposite effect would happen for companies that are mainly importers, hurting their bottom line.

欺骗

• Effects Have a Time Lag

  Even if implemented quickly, the macro effects of monetary policy generally occur after some time has passed. The effects on an economy may take months or even years to materialize. Some economists believe money is "merely a veil," and while serving to stimulate an economy in the short-run, it has no long-term effects except for raising the general level of prices without boosting real economic output.

• Technical Limitati*** 

  Interest rates can only be lowered nominally to 0%, which limits the bank's use of this policy tool when interest rates are already low. Keeping rates very low for prolonged periods of time can lead to a liquidity trap. This tends to make monetary policy tools more effective during economic expansi*** than recessi***. Some European central banks have recently experimented with a negative interest rate policy (NIRP), but the results won't be known for some time to come. 

• Monetary Tools Are General and Affect an Entire Country 

  Monetary policy tools such as interest rate levels have an economy-wide impact and do not account for the fact some areas in the country might not need the stimulus, while states with high unemployment might need the stimulus more. It is also general in the sense that monetary tools can't be directed to solve a specific problem or boost a specific industry or region.

• The Risk of Hyperinflation

  When interest rates are set too low, over-borrowing at artificially cheap rates can occur. This can then cause a speculative bubble, whereby prices increase too quickly and to absurdly high levels. Adding more money to the economy can also run the risk of causing out-of-control inflation due to the premise of supply and demand: if more money is available in circulation, the value of each unit of money will decrease given an unchanged level of demand, making things priced in that money nominally more expensive. 

财政政策的利弊

财政政策是指一个国家**的税收和支出政策。紧缩或限制性的财政政策包括增税和削减联邦开支。宽松或扩张的财政政策恰恰相反，用于鼓励经济增长。许多财政政策工具都以凯恩斯主义经济学为基础，希望**总需求。

赞成的意见

• Can Direct Spending To Specific Purposes

  Unlike monetary policy tools, which are general in nature, a government can direct spending toward specific projects, sectors or regi*** to stimulate the economy where it is perceived to be needed to most.

• Can Use Taxation to Discourage Negative Externalities

  Taxing polluters or those that overuse limited resources can help remove the negative effects they cause while generating government revenue.

• Short Time Lag

  The effects of fiscal policy tools can be seen much quicker than the effects of monetary tools.

欺骗

• May Be Politically Motivated

  Raising taxes can be unpopular and politically dangerous to implement.

• Tax Incentives May Be Spent on Imports

  The effect of fiscal stimulus is muted when the money put into the economy through tax savings or government spending is spent on imports, sending that money abroad instead of keeping it in the local economy. 

• Can Create Budget Deficits

  A government budget deficit is when it spends more money annually than it takes in. If spending is high and taxes are low for too long, such a deficit can continue to widen to dangerous levels.

底线

货币政策和财政政策工具协同使用，帮助保持经济增长稳定，同时保持低通胀、低失业率和稳定物价。不幸的是，由于这两套政策工具各有利弊，因此没有什么灵丹妙药或通用战略可以实施。然而，如果有效利用，净效益对社会是积极的，特别是在危机后**需求方面。

（相关阅读请参见“货币政策与财政政策：有何区别？”）