当前宏观经济两难下的政策选择

传统的宏观经济两难是指经济增长与通货膨胀相伴，为了抑制通货膨胀所采取的提高利率的做法往往也抑制了经济增长．我国目前的宏观经济两难主要是指在投资拉动的经济增长情况下，虽然没有出现通货膨胀，但消费率处于很低的水平．为了抑制投资采取的提高利率和汇率的做法可能进一步抑制了消费，在这种情况下，宏观经济政策的选择应该以财政政策为主，并且主要是政府帮助居民增加消费的财政政策．

The Policy Alternative under the Current Macro-economic Dilemma

Traditional macro-economic dilemma refers to the phenomenon that economic growth accompanies inflation,but raising the interest rates to suppress inflation commonly restrains economic growth.Current macro-economic dilemma refers to the phenomenon that consumption rate is at a very low level in investment-led economic growth,although there is no inflation.Increasing interest rate and exchange rate to suppress investment maybe further restrains consumption.In the circumstances,the macro-economic policy alternative should focus on the fiscal policy,especially helping citizen increase consumption.