中国企业价格刚性研究:基于扩展的双粘性菲利普斯曲线

Research on the Price Rigidity of Chinese Enterprises: Based on Extended Dual Sticky Philips Curve

本文根据中国不少公益类和垄断类企业长期存在价格刚性的实际情况,在新发展的双粘性菲利普斯曲线基础上增加了非粘性企业,并推导出扩展的双粘性菲利普斯曲线理论模型。以中国样本数据,对扩展的双粘性菲利普斯曲线模型进行实证分析,通过与单纯粘性价格模型、单纯粘性信息模型以及现有的双粘性模型的比较,证明了扩展的双粘性菲利普斯曲线模型具有较好的稳健性和一致性。基于扩展曲线的实证研究表明:中国的企业类型不仅包括粘性价格型和粘性信息型,而且包括相当数量的非粘性企业(比例约为21.8%),企业类型扩展的假设是必要的,也与中国的实际相符合;中国的价格刚性约为0.743,显著高于美国、日本、德国等发达国家;中国企业的价格刚性随着通胀率升高而降低,而通货膨胀预期对通胀的影响随着通胀率升高而加大;中国企业固定价格的平均持续时间约为2.4个季度,而且呈现缩短的趋势。用扩展的双粘性菲利普斯曲线构造和估计中国通货膨胀时,应优先选择单位劳动成本作为实际边际成本的代理变量。

With the facts that there are some public welfare enterprises and monopoly enterprises whose prices are rigid in a long period in China and based oR the new developed dual sticky Phillips curve model, the paper extends the types of firms by adding a type of non-sticky firm and derives the extended dual sticky Phillips curve model. Then, based on Chinese data, the paper estimates the model with GMM method and also compares the estimation results of the extended dual sticky model with those of pure sticky price Philips model and sticky information Philips model, which it is found that the expanded dual sticky Phillips curve is with a good robustness and consistency. With the expanded double viscosity Phillips curve model, the research resuh shows that China＇s enterprise types include not only sticky prices and sticky information but also a considerable number of non-sticky enterprises （about 21.8%）, so the assumption of enterprise type expansion is necessary and also consistent with China＇s reality. The price rigidity of Chinese enterprises is about 0.743, which is significantly higher than those of the western developed countries＇ enterprises such as United States, Germany, Japan, Australia and Singapore. The price rigidity of Chinese enterprises is decreasing with the increase of the inflation rate, and the inflation expectation is increasing with the increase of the inflation rate. The average duration of fixed prices for Chinese enterprises is 2.4 quarters. When using the extended double viscosity Phillips curve to construct and estimate China＇s inflation, it should give priority to the unit labor costs as the actual marginal cost of the proxy variables.