关键词: 数据资本, 网络平台, 动态随机一般均衡模型, 宏观经济动态效应

Abstract: In order to further clarify the macroeconomic mechanism of data factor, analyze and evaluate the dynamic effects of macroeconomic policies on digital economy development, adhering to the logic of the “neoclassical revival” school, this paper constructs a new Keynesian DSGE model including Internet platform agents. This paper studies the dynamic effects of monetary policy, fiscal subsidy policy and non-digital human capital investment impact on consumption growth, data capital accumulation, total output growth rate and inflation rate respectively. This paper also simulates the effects of monetary policy and fiscal subsidy policy coordination on the development of China?s digital economy. It is found that the deep learning and timely feedback of the Internet platform on consumer demand big data improves the efficiency of monetary policy in regulating prices, stimulating the growth of domestic demand, and accelerates the accumulation of data capital, which is different from that in the era of non-digital economy. Appropriate government subsidies for research and experimental development (R&D) projects on Internet platform can continuously stimulate consumption growth, improve market allocation efficiency, weaken the rigidity of commodity price rise and maintain long-term price stability. Non-digital human capital investment is a double-edged sword, which can promote economic growth, but restrains data capital accumulation. The scientific coordination of fiscal subsidy policy and monetary policy in the digital era enables China?s macro-economy to maintain sustainable development on the growth path.

Key words: Data Capital, Internet Platform, DSGE, Macroeconomic Dynamics