成本冲击与价格粘性的非对称性——来自中国微观制造业企业的证据

本文在状态依存模型框架内,估计了中国制造业企业价格粘性的非对称性和异质性。结果显示制造业产品的价格粘性具有非对称的特征,同时企业的"异质性"也影响了产品的价格粘性。根据价格粘性理论,存在价格粘性时,货币是"非中性"的,通过调整货币数量能够影响短期内的产出。然而,由于价格粘性的非对称性,在通货膨胀时期,央行为了抑制通胀而采取的紧缩性货币政策将更多地表现为产出减少,而非价格水平下降;相反,为提高产出而实行的扩张性货币政策将更多地表现为价格水平上升,而非产出水平提高。只有通货紧缩时期,价格粘性的非对称性出现反转,扩张性货币政策在短期内才更有效。

Asymmetric Responses to Cost Shocks and Sticky Prices: Evidence from China's Manufacturing Firms

According to the state dependent pricing theory, the asymmetric and heterogeneity responses to cost shocks and sticky prices were estimated. We found that the price stickiness was asymmetric in manufacturing firms and the downward stickiness was larger than upward stickiness. Furthermore, the sticky price was also affected by the firm's heterogeneity. Non neutrality of money is realistic when the price has stickiness. So adjusting the quantity of money can affect output in the short term. However, due to the asymmetric price stickiness and its impacts in macroeconomics, output could decrease more significantly when the central bank adopting tight monetary policy to curb inflation. To the contrary, price level could increase more significantly when central bank adopting expansionary monetary policy to increase macro output.