什么都涨,工资不涨?——价格刚性下通货膨胀对劳动收入比重的影响

Rising Prices,Stable Wages:A Study on the Influence of Inflation on Labor Income Share under Price Rigidity

什么都在涨,就是工资没有涨。工资的刚性,意味着通货膨胀的提高可以带来短期内实际工资下降、就业增加和产出水平的增加。如果就业效应占据支配地位,那么适度通货膨胀将有利于改善劳动收入比重。文章借鉴Calvo(1983)的随机定价模型,利用"从一般到特殊"的动态计量方法,实证研究了通货膨胀短期内对劳动收入比重的影响。研究显示:短期内,通货膨胀率每增长1%,可以推动劳动份额平均上升0.05%;长期中这一估计效应下降至0.03%。文章研究表明,劳动力市场工资调整的刚性可能是中国劳动收入比重下降的重要短期因素之一。

Rising prices,but stable wages.The rigidity of wages means that the increase in inflation leads to a decline in real wages in the short term,an increase in employment and an increase in output.If the employment effect dominates,moderate inflation will help to improve labor income share.Using the stochastic pricing model of Calvo（1983）,this paper empirically examines the impact of inflation on labor income share in the short term.By using general-to-specific dynamic measurement method,this paper confirms the conjecture：in the short term,an increase in inflation by 1%can lead to an average increase in labor share by 0.05%;the long-term estimate of this effect is reduced by0.03%.It shows that the rigidity of labor wage adjustment may be one of the important short-term factors in the decline of China＇s labor income share.