Abstract: Active fiscal policies have both stable growth and structural adjustment functions, which are not only necessary measures for high-quality economic development, but also an important component of deepening the reform of the financial and tax system. We used the historical shock decomposition counterfactual analysis of the DSGE model and the DSGE-VAR pulse response to study the effectiveness and characteristics of active fiscal policy tools. Research has shown that active fiscal policies have a displacement effect between government and private sector leverage, and coordination between aggregate expansion and structural adjustment can effectively enhance fiscal policy space; Active fiscal policy can provide support for the effectiveness of monetary policy; Fiscal transfer payments have a more significant short-term growth promoting effect on the demand side, while productive fiscal policies are more conducive to employment through long-term supply side effects. Therefore, it is recommended to optimize and improve proactive fiscal policies from three aspects: firstly, to consider the sustainability of proactive fiscal policies in a more comprehensive and long-term perspective; Secondly, further explore the high-level coordination mechanism between fiscal and monetary policies, so as to fully form a synergy between the two; Thirdly, for different fiscal policy tools, consideration should be given to their temporal and regional characteristics, and different development strategies should be adopted to leverage their respective advantages.

Keywords: proactive fiscal policy; Monetary policy; Financial transfer payments; Stable growth;