An Empirical Research on Fiscal Theory of Price Level in China
基于中国数据构建包含世代交叠特征的DSGE模型，用贝叶斯方法实证研究货币与财政政策如何协同决定价格水平，并提出政策建议。
Based on actual data of China,the paper develops a dynamic stochastic general equilibrium model (DSGE)with characteristics of overlapping generations(OLG),and applies Bayesian techniques to take empirical research on the determination of price level and the roles that monetary and fiscal policy play and the coordination between them in determining the price level in China.Some constructive suggestions are proposed on the improvement of coordination between monetary and fiscal policy in stabilizing the price in China.Considering the fact that there are not many international empirical researches on DSGE models nested with OLG characteristics by means of Bayesian estimation,this research is a challenging experiment in China.