资本、劳动与通货膨胀

Capital,Labor and Inflation

本文在融入垄断竞争和名义刚性的小国开放经济模型中,重点分析了引入资本对国际传导机制产生的新变化。在生产过程中引入资本将降低劳动的重要性,从而减小劳动供给带给居民的负效用,因此我们可以得到劳动份额和通货膨胀之间的负相关关系。经验分析验证了本文模型的主要结论。

Within a small country open economy model based on monopolistic competition and nominal rigidities,this paper focuses on the impacts that the in- troducing of capital causes to the international transmission mechanism.The intro- ducing of capital weakens the importance of labor in production and reduces the negative effects to individual's utility of labor supply,so we can get the inverse re- lationship between the capital share in income and inflation.The empirical evi- dence supports the main predictions of the model.