中国价格粘性的实证研究

An Empirical Research on China's Price Stickiness

价格粘性程度是宏观经济短期分析的基础。本文以隐含的季度GDP缩减指数作为价格指数度量指标,采用Snordone(2002)与Gali & Gertler(1999)的方法实证估计了1992年第1季度至2012年第1季度的中国价格粘性程度。实证结果表明,中国价格粘性程度远低于发达国家(美国)的水平,价格平均持续时间为3.4～8.1个月。低工资粘性、缺乏长期买卖关系以及宏观环境的易变性是导致低价格粘性的主要原因。

Prices stickiness is the foundations of short-term macroeconomic analysis. This paper defines indicator of infla- tion as the quarterly implicit GDP deflator index, and use empirical methods of Snordone （2002） and Gall and Gertler （1999） to estimate the China prices stickiness from 1st quarter 1992 to 1st quarter 2012. The empirical results indicate that the China price average duration was 3.4-8.1 months, which shows that the degree of prices stickiness in China is far lower than in devel- oped countries （the United States）. Low wage stickiness, lack of long-term business relationship and volatilities of the macro environment are key reasons of low price stickiness in China.