Abstract: As data penetrate into every link of the industrial chain, digital technology is widely applied and extends into residents' daily lives, thereby influencing residents' consumption behavior and investment decisions. This paper analyzes the effects and transmission mechanisms of fiscal expenditure policies on the economy and consumption under the new economic context. Firstly, based on actual Chinese economic data, a panel data regression model of fiscal expenditure, economic development, and resident consumption is constructed, revealing typical facts that government transfers crowd in consumption while crowding out output, and government consumption crowds out consumption while crowding in output. Secondly, a DSGE model incorporating internet platform entities is established to elucidate the dynamic impacts of government consumption, subsidies, and transfer policies on macroeconomic variables such as consumption, investment, and total output. Finally, coordination among fiscal expenditure policies is used to stimulate output and expand consumption. The research finds that, against the backdrop of digital economic development, government consumption and subsidies have a crowding-out effect on consumption but a crowding-in effect on output; Government transfers have a crowding-in effect on consumption but a crowding-out effect on output; Cooperation between government consumption and transfer policies can promote consumption expansion and effectively mitigate economic fluctuations.

Key words: Fiscal Expenditure Policy, Consumption Expansion, Data Elements, Dynamic Stochastic General Equilibrium

摘要： 数据作为生产要素深度参与产业链各环节,推动了数字化技术的普及应用,并对居民的消费行为和投资决策产生影响。本文分析了数学经济背景下财政支出政策对经济与消费的影响效应及其传导机制。首先,基于中国经济数据,发现政府转移性支出挤入居民消费但挤出居民可支配收入、政府消费挤入居民可支配收入但挤出居民消费的典型事实;其次,构建纳入互联网平台主体的DSGE模型,分别揭示政府消费、政府补贴和政府转移性支出对消费、投资和产出等宏观变量的动态影响效应;最后,探究如何通过财政支出政策之间的协调来拉动产出与加快消费扩容。研究表明,在数字经济发展背景下,政府消费以及补贴对私人消费具有挤出效应,但对产出具有挤入效应;政府转移性支出对消费具有挤入效应,但是对产出具有挤出效应;政府消费和政府转移性支出的政策组合能推动消费扩容和促进产出增长。

关键词: 财政支出政策, 消费扩容, 数据要素, DSGE