日本经济扩张性财政、货币政策双失效的新IS-LM模型分析

20世纪90年代以来，日本经济陷入长期衰退的惯性运动而不能自拔。其间，日本政府选择了扩张财政政策和货币政策的双松政策搭配，但其宏观经济反而是每况愈下，甚至积累了巨额财政赤字和超低利率，本文运用反常的IS-LM模型的分析，说明日本政府双松政策搭配失效的原因及对策，以上分析对于中国宏观经济的调控也具有现实借鉴的意义。

Analysis of the Policies of Economic Expansive Finance and Currency Which Loses Its Effects with the New IS-LM Model

Japanese economy has fallen into a long-term recession as a habitual movement and can not come out of it since the 90s in the last century. During the period, the Japanese government chose expansive financial and currency policies, both are loose ones. However, its macro-economy is getting worse and worse, leading gradually to huge amount of financial deficit and ultralow interest. The paper explains the causes for the failure of the policies by using the unusual IS-LM model and offers some counter measures. The analysis in the paper also assumes some realistic importance as references to the regulation and adjustment of Chinese macro-economy.