Abstract: Governments with limited financial resources have to choose the optimal fiscal policy,and there is a trade-off between government funds for infrastructure spending and structural tax cuts.This paper conducts a study based on DSGE .models which include the fiscal decentralization characteristics and the results are as follows:(1) As the infrastructure invest-ment of developed areas can promote the output growth in less developed areas by stimulating the trade of intermediate good brtween regions,the infrastructure invenstment policy of eveloped areas has a greater effect in promoting the national econom-ic growth compared with the same policy exercised by less developed areas;.(2) The structural tax reduction policies in de-veloped regions produce positive spillover effects among regions through the channels of intermediate goods trade,and the stim-ulation effect on local outputs is close to that of the infrastructure investment.Assuming that governments in developed regions pay more attention to national economic development goals,the infrastructure expenditure policy is a more effective fiscal poli-cy choice for these regions.Therefore,a feasible way out of the current economic downturn is to invest in moderately advanced infrastructure in the developed areas with the inflow of population.

Key words: Fiscal Decentralization, Structural Tax Cut, Infrastructure Spending, Policy Option

摘要： 财政资源紧张的政府存在最优财政政策选择问题,政府资金用于基础设施建设支出和结构性减税存在取舍。本文基于纳入财政分权特征的DSGE模型研究发现:(1)由于发达地区基建投资通过拉动地区间中间品贸易促进了欠发达地区的产出增长,使发达地区的基建支出政策对全国经济增长的促进作用大于欠发达地区执行相同政策的作用。(2)发达地区的结构性减税政策通过中间品贸易渠道在地区间产生正溢出效应,对当地产出的刺激效果与基建投资效果接近。假设发达地区政府更关注全国经济发展目标,则基建支出政策是该地区更加有效的财政政策选择。因此,对人口流入的发达地区进行适度超前的基础设施投资是走出当前经济下行的可行之策。

关键词: 财政分权, 结构性减税, 基建支出, 政策选择