Rigid wage-setting and the effect of a supply shock,fiscal and monetary policies on Chinese economy by a CGE analysis |
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| Authors: | Meng Li Liang Yang |
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| Affiliation: | 1. Business School, Shen Zhen University, Guandong 518060, China;2. Institute of Quantitative and Technical Economics (IQTE), Chinese Academy of Social Sciences, China;3. Chinese Quantitative Economic Association (CQEA), China;4. Shen Zhen University, Guandong 518060, China |
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| Abstract: | The purpose of this paper is to present a computable general equilibrium (CGE) model of the Chinese economy which includes rigid wage-setting and integration of real and financial sectors, and to apply it to a quantitative evaluation of the oil price changes and the fiscal and monetary policies. The policy simulation shows whether the wage rate is flexible or rigid is crucial for the evaluation of various policy measures. Furthermore, the fields of application of the model are extended from the industry-related problems to the macroscopic ones such as inflation, stabilization policies and so on. |
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| Keywords: | Rigid wage-setting Inflation CGE model Economic system Policy simulation |
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