现代经济中,发行国债愈益成为政府宏观经济政策的重要手段。从美国20世纪30年代的罗斯福新政到20世纪末日本的振兴经济计划,以及2008年缘于美国次贷危机所引发的全球性经济危机期间西方发达国家以及中国的大规模经济刺激措施,无不以财政政策为其支柱。本文从李嘉图等价定理出发,阐述国债对人们行为,进而对一国宏观经济的影响。 In modern economy, issuance of government bonds has increasingly become an important means of government macroeconomic policy. From the U.S. New Deal in Roosevelt in the 1930s to the rejuvenation plan of Japan in the late 20th century and the massive economic stimulus measures in developed western countries and China during the global economic crisis in 2008 triggered by the U.S. subprime mortgage crisis, For its pillar. Based on the Ricardian equivalence theorem, this article expounds the influence of government bonds on people’s behavior and thus the macro-economy of a country.