中国劳动力市场名义工资粘性程度的估算

本文完成了对中国劳动力市场名义工资粘性程度的首次估算,发现中国的名义工资粘性处于世界较低水平。这具有重要的宏观政策含义:一方面表明中国的劳动力市场具有很强的"自我调节"经济波动的特性,另一方面说明中央银行扩张性的货币政策将更多地带来物价水平上涨,而不是产出增加。在此基础上,本文还区分了劳动者的收入、工龄、户口、企业类型、行业等特征,对不同人群的工资粘性进行了细致测算。进一步,本文创新地区分并估算了名义工资的向上粘性与向下粘性,发现自2002年以来,中国劳动力市场的向下粘性不断增大,而向上粘性的变化趋势并不明显。

An Estimate of the Degree of Nominal Wage Rigidity in China

This paper is the first one studying the degree of nominal wage rigidity in China using micro-data.Resudts find that the degree of wage rigidity is very low in China compared to that in the United States and some European countries.This suggests that the adjustments in Chinese labor market are flexible enough when facing economy fluctuations,then positive monetary policies will push up the price level instead of the aggregate output.The analysis is applied to many groups(e.g.,by income and occupation)to assess how wage rigidities vary across groups.What’s more,this paper provides an estimation of downward rigidity and upward rigidity creatively.The results show an increasing downward rigidity since 2002,while the trend of upward rigidity is not pronounced.