劳动力成本的上升会导致社会福利的恶化吗?

Does Upward Wage Inflation Deteriorate Social Welfare?

构建基于包含家庭异质性消费偏好与失业的新凯恩斯主义动态随机一般均衡模型,可用于分析由于劳动力成本上升引起的上行的名义工资刚性以及货币政策机制对于社会福利的影响。名义工资刚性的上升并不必然引起社会福利的恶化,当名义工资刚性程度较低时,名义工资刚性的上升会引起社会福利的改善;并且对劳动力成本上升做出反应的货币政策机制扩大了名义工资刚性对于社会福利的影响。这一结论对于劳动力成本上升背景下中国货币政策制定具有一定的参考意义。

This article considers an NK-DSGE model with heterogeneous consumption and unemployment, and investigates the effect of the upward nominal wage rigidities caused by the raise of labor cost and monetary policy regimes on the social welfare. The result shows that the downward nominal wage rigidities do not improve the social welfare definitely. When the nominal wage rigidities are very low,the upward nominal wage rigidities may improve the social welfare. The monetary policy＇s react to labor cost amplifies the effect of nominal wage rigidities on the social welfare. This conclusion may be helpful for the monetary policy authorities.