名义工资粘性与货币政策传导机制

The Nominal Wage Stickiness and theTransmission Mechanism of Monetary Policy

货币政策的传导机制包括两个环节。第一个环节是货币供给作用于总需求,第二个环节是总需求作用于产出。在第二个环节,需求的变化能否引起产出的调整取决于名义粘性的存在性及其强弱。名义粘性包括工资粘性和价格粘性,工资粘性是价格粘性存在的前提条件,所以名义工资粘性是解释货币产出效应的基础。中国劳动力市场在不完全竞争的基础上具有一些特质,因而工资粘性很强并且形成的微观原因很特殊。极强的工资粘性保证了货币政策在第二环节的效果。这一结论为分析影响货币政策效果的因素找到了一个突破口,也为进一步优化货币政策传导机制找到了方向。

The transmission mechanism of monetary policy inculdes two segments.The first one is how money supply affects th eaggreate demand.The second is how the aggreate demand affects output.In the second segment,whether the change of demand results in the change of output is determined by the existing of nominal stickiness and its degree.Nominal stickiness inculdes the wage stickiness and the price stickiness.Te wage stickiness is the precondition of the price stickiness,so the wage stickiness is basic to explain the money supply affecting output.The labor market in China not only is imperfect competition,but also has some other features,so the wage stickiness is strong and the micro-cause is very special.The strong wage stickiness ensures the effect of the monetary policy in the second segment.The conclusion has discovered a new method for us to analyze the influence elements on monetary policy and to optimize the transmission mechanism of monetary policy.