中间品价格对价格粘性的影响——基于动态随机一般均衡模型的研究

本文主要以2003年第一季度至2018年第四季度的产出、CPI通货膨胀率和PPI通货膨胀率的季度数据为基础,通过在新凯恩斯DSGE模型基础上融入投入-产出框架,将中间品价格引入到新凯恩斯菲利普斯曲线之中,构建了包含中间品价格的新凯恩斯DSGE模型,并对我国的价格粘性程度进行研究。结果表明,使用该模型估计出来的价格粘性与基于微观数据的实证研究结果近乎一致,最终品的价格调整周期为2.32个季度,中间品的价格调整周期为1.59个季度,说明我国中间品的价格要比最终品的价格更加灵活。

The Effect of Intermediate Products Price on Price Stickiness——Research Based on Dynamic Stochastic General Equilibrium Model

This paper mainly uses the quarterly data of output,CPI inflation rates and PPI inflation rates from the first quarter of 2003to the fourth quarter of 2008as the foundation,by integrating the input-output framework into the new Keynesian DSGE model,to build a new Keynesian DSGE model with the intermediate products price,which includes intermediate products price in the new Keynesian Phillips curve.Then we can study the degree of price stickiness in China.The results show that the price stickiness estimated by this model is nearly consistent with the empirical research results based on micro data.The price adjustment cycle of the final products is 2.32quarters and the price adjustment cycle of the intermediate products is 1.59quarters.It means that the price of intermediate products is more flexible than that of final products.