数字零工经济弱化了货币政策效果吗?——基于工资粘性视角

Does the Digital Gig Economy Weaken the Effect of Monetary Policy?From the View of Wage Stickiness

生产力决定生产关系,数字零工经济兴起,代表先进生产力的数字技术使得劳动关系去合同化和工资粘性下降。这种结构性变化可能会弱化货币政策效果。本文从工资粘性视角建立一个包含传统工人和数字零工的TANK-DSGE模型,来探讨数字零工经济如何影响货币政策效果。研究发现:无论是数量型货币政策还是价格型货币政策,数字零工经济的兴起均会减弱政策对就业和产出的促进效果,增加政策冲击引起的工资和价格通货膨胀波动,最终使得货币政策的社会福利水平下降。目前,应提高数字经济统计能力,规范数字零工劳动关系,以缓和货币政策效果的弱化;未来,基于货币政策刺激经济增长时需做好通胀预期管理。

The emergence of digital gig economy has changed the social relationships formed in the production.It represents a progress of technology,which makes labor contract less important and results in a decrease in wage stickiness.Such structural changes may weaken the effectiveness of monetary policy.This paper discusses the effect of digital gig economy on monetary policy effect by establishing a TANK-DSGE model which includes both conventional labor and digital gig industry,from the perspective of wage stickiness.To conclude,the rise of digital gig economy will reduce the positive effect of monetary policy on output and employment,in both quantity-based policy and price-based policy.It will boost the volatility in wage and price inflation caused by policy shock,and social welfare will decrease consequently.This research suggests that improve the statistical ability of the digital economy and standardizing the labor relation of digital gigs,to mitigate the negative effects above.And the central bank needs to manage well inflation expectations when executing monetary policy.