本文主要建立在新开放主义宏观经济学理论上,进一步拓展和分析不同财政政策在固定汇率制度下对国民经济的影响,如消费、产出与汇率等。通过引入迭代模型的基本框架从而打破传统的李嘉图等价假设,我们发现因为有限生命代理人把所购买的国债看作是一种净财富,所以通过发行债券融资而导致的政府支出暂时的增加毫无疑问地将会增加本国居民相对于国外居民的消费水平。而另一方面,由于汇率水平固定不变和短期的价格粘性,政府支出增加的部分将平均分配给本国和外国商品。因此,政府支出暂时的增加将会减少本国的净国外资产头寸。而对于货币政策来说,本国居民相对消费水平的增加将导致本国货币升值压力,本国中央银行为了维系固定汇率水平不得不被动地增加货币供给。 This article is mainly based on the macroeconomic theory of the new liberalism and further expands and analyzes the impact of different fiscal policies on the national economy under the fixed exchange rate system, such as consumption, output and exchange rate. By introducing the basic framework of an iterative model and thus breaking the traditional assumption of Ricardo equivalence, we find that the government expenditure incurred by the issuance of debt securities is temporarily increased because limited life agents consider purchased government debt as a net wealth Undoubtedly, it will increase the consumption level of its residents relative to that of foreign residents. On the other hand, due to the fixed exchange rate and short-term price stickiness, the increase in government spending will be equally distributed to domestic and foreign goods. Therefore, a temporary increase in government spending will reduce its net foreign asset position. As for the monetary policy, the relative increase in the consumption level of its residents will lead to the pressure of domestic currency appreciation, the central bank in order to maintain a fixed exchange rate had to passively increase the money supply.