资本、汇率与福利

Capital, Exchange Rate and Welfare

本文在融入垄断竞争和名义刚性的两国动态一般均衡模型中,分析了资本引入生产过程对国际传导机制的影响,以及由此产生的对福利变动的影响。在粘性价格时,扩张性货币政策在短期刺激了投资活动,使资本存量出现了长期的增长,从而带动了长期的生产和消费,最终大大加剧了扩张性货币政策的福利效果。因此我们可以得出劳动份额与通货膨胀之间的负相关关系,经验分析验证了本文的主要结论。

In a two - country dynamic general equilibrium model together with monopelistic competition and price rigidities, the paper analyzes the effects of incorporating capital into production process on international transmission mechanism and the influence to welfare. Under sticky price unanticipated monetary expansion will stimulate the investment in the short run and increase the capital stock in the long run, then bring along production and consumption and markedly magnify welfare effects of the expansive monetary policy at last. So we find that there is a negative correlation relationship between labor share in income and inflation, and the empirical evidence supports the main predictions of the model.