基于菲利普斯曲线的中国经济滞涨风险分析

传统的菲利普斯曲线认为政府治理通货膨胀需要忍受短期的失业率上升和产出下降,本文提出了一种新的菲利普斯曲线运行方式,并结合中国实际情况分析得出中国经济陷入滞涨状态的风险较小。     

新凯恩斯菲利普斯曲线的弱识别检验和稳健估计

对基于GMM大样本统计量的检验和估计,弱识别会带来点估计不一致和置信区间规模不正确的问题。本文讨论了弱识别问题产生的原因、影响、检验和相关弱识别稳健统计量。用Cragg-Donald F统计量对NKPC重新进行了检验,发现的确存在弱识别问题,本文进而对NKPC的参数进行了弱识别稳健的估计,并且用CLR统计量构造了相应规模正确的置信区间。实证表明中国的通货膨胀具有明显的向前和向后行为,而向前行为从数量上来说要大于向后行为的影响,但是向后行为在数量上来说也是不可忽视的;子样本的检验表明通涨的向后行为有增强的趋势。     

预期、混合菲利普斯曲线与中国通货膨胀动态特征

将货币因素与输入性因素（如汇率、国际石油价格等）引入新凯恩斯混合菲利普斯曲线框架构建高阶滞后的混合菲利普斯曲线模型,并利用1995年第1季度至2013年第2季度的数据进行实证分析,结果显示：总需求变化对我国通货膨胀率的影响很小,而货币因素与输入性因素（如汇率以及国际大宗商品价格变化）成为影响我国通货膨胀率的重要因素;我国通货膨胀主要受到前瞻性预期的影响,而通胀惯性对通货膨胀水平的影响不大;相对而言,货币因素对我国通货膨胀具有最重要的影响。     

菲利普斯曲线在中国的实证分析

菲利普斯曲线描述了物价水平与就业状况或者经济增长之间的关系。本文运用1978——2010年间的相关数据实证了反映"产出缺口与通货膨胀率"之间关系的菲利普斯曲线,对菲利普斯曲线的实证有利于我们清晰的了解宏观经济的运行,指明宏观经济政策的政策方向。     

菲利普斯曲线的研究发展进程

自菲利普斯曲线提出以后,西方各经济学派均对菲利普斯曲线进行修正,并提出各学派所认为的菲利普斯曲线形状,总结了八个关于菲利普斯曲线的不同论述,并作简要的概述.     

我国通货膨胀福利成本的再估计

本文在货币效用模型（MIU）框架下研究我国通货膨胀福利成本问题,理性经济人的动态最优化选择行为产生了一组随机非线性欧拉方程。利用这些方程,在稳定状态下推导出估计通货膨胀福利成本的方法。实证分析以欧拉方程为基础,利用广义矩方法（GMM）估计模型参数,并进而估计出我国1995-2012年的通货膨胀福利成本。我们发现名义利率比通货膨胀率对通货膨胀福利成本的影响更大,在低通货膨胀水平,通货膨胀率对福利成本影响更大。本文阐述的估计通货膨胀福利成本方法优势在于能够同时考虑通货膨胀率和名义利率两个变量的影响,而传统估计方法只能利用名义利率作为持有货币的机会成本变量来估计通货膨胀福利成本。     

新凯恩斯框架下中国通货膨胀动态变化及货币政策分析

以新凯恩斯菲利普斯曲线为分析框架,在考虑利率滞后项和预期项的情况下,通过最优化中央银行的目标损失,构建中国的通货膨胀方程,并采用1992年以来的季度数据对中国通货膨胀的形成因素进行实证分析,以研究我国货币政策对通货膨胀事后调节和事前引导的实际效果.实证结果显示,我国的通货膨胀水平主要受经济主体通货膨胀预期和产出缺口的影响;利率变化在短期内并不改变通货膨胀的变化方向,不过随着利率市场化改革的深入,利率对通货膨胀的影响逐步显现;预期实际利率对当期物价波动有着正向引导作用,并且在子样本的稳健性分析中证实这种关系有加强趋势.这些实证检验结果对我国调控物价水平及制定更加有效的货币政策提供理论支持.     

中国城市化阶段的碳减排：经济成本与减排策略

运用联立方程的广义矩系统估计方法,考察了1985~2013年中国城市化、碳排放与经济增长之间的相互影响机制,评估了不同时段的减排收益与成本。结果表明,城市化率每提高1%,可增加GDP 0671%,但同时推动碳强度上升0274%;化解城市化与碳减排之间矛盾的关键在于如何有效降低减排的经济成本,发展第三产业,而降低第二产业比重等措施则需要甄别选用;2005~2013年期间,中国碳减排的单位成本是前10年的205倍,过快的第二产业比重降速与清洁能源比重增速是减排成本快速上升的根本原因;未来减排策略的重点是：短期内为实现2020年的减排目标,必须确保固定资产投资的能耗强度和能源强度在2014~2020年期间的年均降速分别不低于5396%和3451%;长期来看,加快推动发展模式的低碳转型,转变经济增长方式等措施是关键手段。     

贸易开放对我国人力资本积累的影响

本文从实证与理论相结合的视角,采用W.CHI的方法(即:受到中专和大专以上的教育程度的人口占劳动力的总人口的比重)、一国的进出口总量占本国的GDP的比重来分别对人力资本水平和贸易开放度进行衡量,基于已有的文献或资料,以2004—2014年间我国31个省(市、自治区)作为样本研究的时间范围与地域范围,对贸易开放对我国人力资本积累的影响进行了研究。     

运输边际成本曲线及其特性分析

文章从运输成本函数理论入手,详细分析了运输成本函数和运输边际成本曲线的特性,由此得出现实启示,考虑边际递减规律和规模经济对运输的影响。     

The New Keynesian Phillips Curve and staggered price and wage determination in a model with firm-specific labor

We develop a DSGE model with firm-specific labor where wage and price setting are subject to Calvo-type staggering. This is in general an intractable problem due to complicated intertemporal dependencies between price and wage decisions. However, the problem is significantly simplified if we, in line with empirical evidence, assume that prices can be changed whenever wages are. We show that the price- and wage-setting relationships are substantially altered by the introduction of firm-specific labor. Specifically, the inflation response is substantially dampened, whereas the wage inflation response is increased as compared to models with freely mobile labor. These distinctive features of the model with firm-specific labor are supported by empirical evidence from a structural VAR.     

Econometric Evaluation of the New Keynesian Phillips Curve*

We give an appraisal of the New Keynesian Phillips curve (NPCM) as an empirical model of European inflation. The favourable evidence for NPCMs on euro‐area data reported in earlier studies is shown to depend on specific choices made about estimation methodology. The NPCM can be re‐interpreted as a highly restricted equilibrium correction model. We also report the outcome of tests based on variable addition and encompassing of existing models. The results show that economists should not accept the NPCM too readily.     

Observed Inflation Forecasts and the New Keynesian Phillips Curve*

This paper investigates the empirical success of the New Keynesian Phillips Curve (NKPC) in explaining US inflation when observed measures of inflation expectations are used in conjunction with the output gap. The paper contributes to the literature by addressing the important problem of serial correlation in the stylized NKPC and developing an extended model to account for this serial correlation. Contrary to recent results indicating no role for the output gap, we find it to be a statistically significant driving variable for inflation, with this finding robust to whether the inflation expectations series used relates to individual consumers, professional forecasters or the US Fed.     

Inflation dynamics and the New Keynesian Phillips Curve: An identification robust econometric analysis

We use identification-robust methods to assess a New Keynesian Phillips Curve (NKPC) equation. We focus on the Gali – Gertler [1999. Inflation dynamics: a structural econometric analysis. Journal of Monetary Economics 44, 195–222] specification, for U.S. and Canadian data. Two variants of the model are studied: one based on a rational-expectations assumption, and a modification which uses survey-based data on inflation expectations. The two specifications exhibit sharp differences concerning: (i) identification difficulties, (ii) backward-looking behavior, and (iii) price adjustment frequency. Overall, the results provide some support to the hybrid NKPC for the U.S., whereas the model is not suited to Canada. Our analysis underscores the need for employing identification-robust inference methods.     

The New Keynesian Phillips curve with myopic agents

Empirical estimations of the New Keynesian Phillips curve support hybrid versions with a positive weight on lagged inflation and a weight less than one on expected inflation. We argue that myopic price setting of some agents explains the low weight on expected inflation. The lagged term can be explained by trend extrapolation if information about the future is costly. In a laboratory experiment we implement the Calvo (1983) microfoundations of the Phillips curve. Our hypotheses are supported by the experimental data. About half of the subjects set optimal Calvo prices while about a third is myopic.     

Testing the New Keynesian Phillips Curve Through Vector Autoregressive Models: Results from the Euro Area*

This paper addresses the issue of testing the ‘hybrid’ New Keynesian Phillips curve (NKPC) through vector autoregressive (VAR) systems and likelihood methods, giving special emphasis to the case where the variables are non‐stationary. The idea is to use a VAR for both the inflation rate and the explanatory variable(s) to approximate the dynamics of the system and derive testable restrictions. Attention is focused on the ‘inexact’ formulation of the NKPC. Empirical results over the period 1971–98 show that the NKPC is far from providing a ‘good first approximation’ of inflation dynamics in the Euro area.     

Evaluating New‐Keynesian Models of a Small Open Economy*

We suggest a strategy to evaluate members of a class of New‐Keynesian models of a small open economy. As an example, we estimate a modified version of the model in Svensson [Journal of International Economics (2000) Vol. 50, pp. 155–183] and compare its impulse response and variance decomposition functions with those a structural vector autoregression (VAR) model. The focus is on responses to foreign rather than to domestic shocks, which facilitates identification. Some results are that US shocks account for large shares of the variance of Canadian variables, that little of this influence is due to real exchange rate movements, and that Canadian monetary policy is not adequately described by a Taylor rule.