ZHU Jun：Context and Implications of the Research on Modern Macro-Fiscal Theory

Abstract：With the rapid development of modern macroeconomic theory, the research methods and contents of macro fiscal theory develop quickly. Although the nature of modern fiscal theory is the trade-off between free market economy and Keynesian economy, it is argued in this paper that the research methods and research perspective of macro fiscal theory are more and more extensive with the in-depth study of macroeconomic theory. The research in macro fiscal theory is developing with much more micro-economic foundation and realistic characteristics. Overall, the macro fiscal theory experienced the neoclassical synthesis, New Keynesian Economics, Monetarism, New Classical Macroeconomics, Real Business Cycle Theory and the New Neoclassical Synthesis. Based on the evolution progress of macroeconomic theory, this paper discusses the latest development of macro-fiscal theory. Combined with important issues of current macro-fiscal theory, the further research prospects are also surveyed in this paper.

Key words： Macro Economic Theory    Fiscal Theory    Research Progress    Theoretical Review

source:Finance & Trade Economics ,No.7,2015