摘要
On the basis of research conducted by Long and Plosser(1983),this paper carries out an in-depth analysis on the relationship between real interest rates,real wage,and macro-economy and economic structure by simulating a dynamic stochastic general equilibrium(DSGE) model and comes to the following conclusions:(1) Increasing the level of real interest rates will expand the share of consumption in GDP,improve the macroeconomic structure,and promote steady economic development;(2) Increasing the level of real wages will enhance economic growth but will not change the economic structure of consumption and investments;(3) Increasing wages will enhance economic growth and expand its share in national income;(4) Increasing wages will not lower output level but will be favorable to the improvement of economic structure.Therefore,this paper argues for interest rates liberalization to achieve long-term,steady economic development in China.
On the basis of research conducted by Long and Plosser （1983）, this paper carries out an in-depth analysis on the relationship between real interest rates, real wage, and macro-economy and economic structure by simulating a dynamic stochastic general equilibrium （DSGE） model and comes to the following conclusions： （1） Increasing the level of real interest rates will expand the share of consumption in GDP, improve the macroeconomic structure, and promote steady economic development; （2） Increasing the level of real wages will enhance economic growth but will not change the economic structure of consumption and investments; （3） Increasing wages will enhance economic growth and expand its share in national income; （4） Increasing wages will not lower output level but will be favorable to the improvement of economic structure. Therefore, this paper argues for interest rates liberalization to achieve long-term, steady economic development in China.
