货币政策应该对劳动力市场作出反应吗?

Should Monetary Policy React to the Labor Market?

基于一个包含正规部门与非正规部门的新凯恩斯主义动态随机一般均衡模型,文章考察了货币政策盯住目标的选择问题。基于货币政策冲击的脉冲响应函数发现,货币政策制定者面临着稳定产出(包括通胀)与稳定劳动力市场的权衡取舍;而基于政策的社会福利损失估计的结果表明,相对于不对劳动力市场做出反应的政策机制,对劳动力市场做出反应的政策机制引起的社会福利损失相对较小。由于我国经济增长对于就业的促进作用相对有限,在当前我国社会就业形势日益严峻的背景下,文章的结论表明,采用对劳动力市场做出反应的政策机制能够实现缓解就业形势与降低政策社会福利损失的"双赢"。

On the basis of a new Keynesian DSGE model including formal sectors and informal sectors,this paper investigates the target object of monetary policy. The impulse response function under the impacts of different monetary policy shows that the monetary policy makers face a trade-off between the stable output( include inflation) and stable labor market. And the social welfare loss shows that,comparing to the policy mechanism not response to the labor market,the welfare loss caused by the policy mechanism that reacts to the labor market is smaller. Since China's economic growth has limited positive effects on employment,the result means that the policy mechanism reacts to the labor market can release the serious problem of unemployment and decrease the social welfare loss caused by monetary policy.