我国近几年来所实行的旨在克服通货紧缩的财政政策 ,对我国经济摆脱通货紧缩确实起到了无可替代的作用 ,但政策效应与所期望的目标之间的偏差同样是无庸置疑的。关于财政政策效应偏差原因的讨论已经有不少宏观层面的研究成果 ,本文从微观结构出发 ,对治理通货紧缩的财政政策的效应偏差提供一种新的解释。 The fiscal policy in our country that has been implemented in recent years to overcome deflation has indeed played an irreplaceable role in helping our economy get rid of deflation. However, there is no doubt as to the discrepancy between the policy effect and the desired goal. There have been quite a few macroscopic research results on the reasons for the deviation of fiscal policy effects. Based on the microstructure, this paper provides a new explanation for the effects of the deflationary fiscal policy.