处于转型经济中的宏观调控与其微观基础密不可分。从分权式改革的视角看分权和软预算约束在宏观调控中所起的微观基础作用,它们既决定了政府创造流动性的方式,也决定了通货膨胀或紧缩的不同机理。通过对详实的经验事实进行验证,形成了以分权为基础的宏观调控的微观基础分析框架。研究表明,发挥宏观调控作用,需要理顺微观基础,对其进行结构性调整,同时加强财政管理。 The macro-control in a transitional economy is inseparable from its micro-foundation. From the perspective of decentralized reform, the micro basis function of decentralization and soft budget constraints in macroeconomic regulation and control not only determines the way the government creates liquidity but also determines the different mechanisms of inflation or austerity. Through the verification of detailed and empirical facts, a micro-foundation analysis framework of macro-control based on decentralization has been formed. Research shows that to play a macro-control role, we need to rationalize the micro-foundation and make structural adjustments to it while strengthening financial management.