我国通货紧缩持续的信息经济学解释

通货紧缩时期在劳动、商品和资本市场上信息不对称和信息不完全导致市场机制失灵,从而加剧宏观经济波动的深度。劳动力市场上效率工资的存在造成失业增加,工资成本反而下降;高等教育普及使原有文凭结构的信号传送功能弱化,迫使人们追求更高学历层次并为之增加储蓄减少即期需求;商品市场上厂商之间博弈会形成折弯的需求曲线和价格粘性;信贷市场由于银行风险厌恶程度增加,信贷配给问题更加严重;债券市场因代理人问题出现萎缩;中小企业融资也因各层级资本市场的信息披露程度差异形成低层级融资均衡,所有这些都会导致投融资不足。

Information Economics Interpretation to the Continuance of China''''s Deflation

During inflation, information imbalance and incompletion lead to mec ha nism failure in the market of labor, merchandise and capital, which promote undu lation of macro-economy. The existence of efficiency salary in labor market gi ves way to increase of unemployment and decrease of cost in payment. With popul arization of higher education, people pursue higher degrees, and increase deposi t for it while decrease current consumption. Other problems, such as interactio n between producer and dealer twists prices in merchandise market, credit market , shrink in bond market, also lead to insufficiency in investment.