异质性劳动力供给、工资粘性与中国经济周期

Heterogeneous Labor Supply,Wage Stickiness and Business Cycle in China

通过同时引入异质性劳动力供给和工资粘性拓展了包含五类外生冲击的新凯恩斯DSGE模型,在此框架下考察异质性劳动力供给和工资粘性对经济周期的作用及传导机制,并分析两者传播和放大外生冲击作用的异同,研究发现:同时包含异质性劳动力供给和工资粘性的一般均衡模型要明显优于非异质性劳动力供给和无工资粘性模型;异质性劳动力供给和工资粘性均在一定程度上放大了外生冲击对经济波动的影响,在不包含两者的情形下,投资冲击的贡献度变小,技术冲击和政府支出冲击的贡献度变大。

With the introduction of heterogeneous labor supply and wage stickiness,we expand a New Keynesian DSGE model with five kinds of exogenous shocks.Under the framework,we study in detail the role of heterogeneous labor supply and wage stickiness in the economic cycle and the transmission mechanism,and further analyze both of the similarities and differences in transmission and amplification of exogenous shocks,and find that:simultaneous inclusion of the heterogeneous labor supply and sticky wages in the general equilibrium model is obviously better than the homogeneous labor supply and no wage stickiness model.Both heterogeneous labor supply and wage stickiness,to a certain extent,amplifies the effects of exogenous shocks on the fluctuation of the economy,in the case of the model not including both at the same time,the contribution of investment shock become smaller while technology shock and government spending shock become larger.