中国的产出持续性--基于刚性价格和刚性工资模型的动态分析

通过构建并校准新凯恩斯主义宏观经济模型,本文研究了刚性价格和刚性工资模型解释产出持续性的能力.结果表明,刚性工资模型能较好地解释持续性,而刚性价格模型的解释能力较弱.同时,本文分别引入了前瞻后顾混合制定价格和工资设置,后顾式定价丰富了产出动态,但前瞻后顾混合制定价格设置并不能增强产出的持续性,而前瞻后顾混合制定工资设置则能产生更强的产出持续性.

Output Persistence in China:A Dynamic Analysis Based on Sticky-Price and Sticky-Wage Models

Our empirical analysis shows that output displays strong persistence under money supply shocks.To match and explain this fact in the new Keynesian framework,we examine the standard sticky price mechanism and sticky wage mechanism.The results demonstrate that the sticky wage mechanism can generate the persistence observed in the data,while the sticky price mechanism fails to do so.Meanwhile,we have introduced the forward-backward looking mechanism for the price and wage decisions.The results indicate that th...