关键词: 财政政策, 经济增长, 收入分配, 时变效应

Abstract: The fiscal policy not only aims to maintain a stable economic growth, but also aims to promote the equalized distribution of national income so as to realize the equal and effective allocation of social resources .This paper, by making use of Markov-Switching Vector Auto Regression, examines the effects of China’s fiscal expenditure policy on economic growth and income distribution from 1st Quarter, 1994 to 3rd Quarter,2010. The results show that the effects of fiscal expenditure on economic growth and income distribution are time-variant, moreover, the regime-switching of fiscal expenditures’ effects is closely related to its structure .When the social expenditure takes on a faster growth than the economic expenditure, the fiscal policy could achieve the goals of boosting economic growth and easing the gap of income inequality, in most cases this happens in fiscal contraction or periods of sound fiscal policy. Instead, when the economic expenditure grows faster than social expenditure, the fiscal policy could only achieve the goal of promoting the economy at the expense of deteriorating the income inequality, this happens more frequently in periods of fiscal expansion.

Key words: Fiscal Policy, Economic Growth, Income Distribution, Time-variant effect