| At present,with the overlapping of the COVID-19 pandemic and the profound changes unseen in a century,the downward pressure on the global economy is increasing.Moreover,the domestic and external environment for China’s economic performance is becoming more complex,and there is dual pressure onmacroeconomic control.In the context of anti globalization,the economic and trade relations between China and the United States are undergoing profound changes.The synergy of economic fluctuations has weakened,and macroeconomic policies are clearly out of sync between the two countries,which will have a constraining effect on the effectiveness of China’s policy implementation.Fiscal and monetary policies are important components of macroeconomic policy,it is meaningful for China’s current macroeconomic policy choices to compare and study the fiscal and monetary policies of the two countries and their economic effects.Firstly,the synergy of economic fluctuations between China and the United States is measured in this thesis to explore the changes in economic relations between China and the United States,and it is found that the synergy of economic fluctuations between China and the United States has weakened in the two time periods of 2008-2010 and 2020-2022.Afterwards,the fiscal and monetary policies of the two countries in two time periods are further sorted out,and then the similarities and differences of the above policies are compared to explore the main characteristics and economic effects.In this thesis,the SVAR modelis used to study the macroeconomic effects of fiscal policies and monetary policies in China and the United States and the relationship between them,where GDP growth rate(GDP),consumer price index(CPI),financial deficit ratio(DEF)and broad money supply growth rate(M2)are selected as model variables.After this,it is found that the fiscal and monetary policies of China and the United States and their combinations are helpful to promote the smooth operation of the economy,but the application of policy combinations of two countries are different,which are mainly manifested as follows: China’s fiscal policy plays a greater role in macroeconomic regulation and control,and it has a certain impact on the economic effect of monetary policy,while the monetary policy in the United States has a greater economic effect,and monetary policy is less affected by fiscal policy.The linkage effect between fiscal policy and monetary policy in China needs to be further improved,and there is a certain offset effect between policies,while the fiscal and monetary policies in the United States are more coordinated,diversified and flexible.There is ample room for future policy operation in China;And the future policy space of the United States is relatively insufficient.Based on the above conclusions,policy suggestions for optimizing China’s fiscal policy,monetary policy and their combinations are proposed in this thesis.The first is to further consider the change of spillover effect of US fiscal and monetary policy when designing macroeconomic policies;The second is to grasp the intensity and rhythm of fiscal and monetary policiesmore accurately,and the third is to pay more attention to the coordination and cooperation between fiscal and monetary policies. |
