交易效率、迂回生产与资本市场形成:超边际一般均衡分析

Transaction Efficiencies,Roundabout Production,and Emergenceof the Capital Market:An Infra-marginal General Equilibrium Analysis

引入"里昂惕夫"生产技术,建立一个超边际-新兴古典一般均衡模型,分析交易效率对最终品的迂回生产结构的影响,以揭示资本市场形成的微观机制。研究显示,随着资本品和最终品的综合交易效率相对于生产者自用资本品的效率的充分改进,资本市场将出现在分工结构中,并对最终品市场产生促进作用;而资本品和最终品的交易效率对经济增长具有交互的正效应。从模型中得出的一项政策含义是:经济增长有赖于更大程度地改进资本市场和产品市场的交易效率。

A new classical model with producers-consumers is developed to elucidate the emergence of the capital market. Infra-marginal equilibrium outcomes show that when transaction efficiencies of capital and goods are sufficiently improved, the capital market will emerge in the network of the division of labor and lead to a positive impact on economic growth.