财政政策与居民消费的关系（下）

Group 1: Fiscal Policy and Consumption - The study examines the impact of fiscal policy on household consumption under debt financing, comparing scenarios with and without capital[1] - In the absence of capital, fiscal shocks lead to output increases, while technological shocks improve various economic indicators[1] - In capital scenarios, the C-D production function shows less impact from crowding out effects and debt accumulation compared to the endogenous growth model, but the latter has faster output growth[1] Group 2: Fiscal Reaction Coefficient - The calculated fiscal reaction coefficient for China is -0.12, indicating insufficient government response to debt changes, affecting fiscal sustainability[1] - The negative coefficient suggests that China's fiscal surplus policies do not adequately address government debt, leading to instability in the DSGE model[1] - Reform is necessary to improve these economic parameters and enhance government debt conditions[1] Group 3: Labor Supply Elasticity and Fiscal Efficiency - Changes in labor supply elasticity have minimal impact on household consumption, contrasting with fiscal balance rules[1] - A higher fiscal reaction coefficient correlates with greater fiscal efficiency and reduced debt pressure[1] - The study highlights that fiscal policy remains a primary tool for macroeconomic regulation, despite the slower nature of technological growth[1]