本文在对全球金融危机后宏观经济政策进行反思的基础上,提出财政政策的“外部性”概念,并从扩张性财政政策对其他国家债券发行者和债券持有者的横向外部性、代际之间的纵向外部性、对货币政策和金融体系的外部性等不同角度阐述了这一概念,进而就如何克服财政政策的上述外部性,促进财政政策与货币政策的有效配合提出相关政策建议。 Based on the reflection of the macroeconomic policy after the global financial crisis, this paper puts forward the concept of “externality” of fiscal policy. From the perspective of the horizontal externality of the expansionary fiscal policy to bond issuers and bondholders in other countries, This concept is expounded from different perspectives such as the vertical externalities between generations, the monetary policy and the externalities of the financial system, and then proposes the relevant policies on how to overcome the above externality of fiscal policy and promote the effective cooperation between fiscal policy and monetary policy Suggest.