货币扩张、部门融资依赖差异与劳动收入份额下降——基于DSGE模型的分析

发布时间：2018-01-30 11:42

本文关键词： 货币政策运营资本收入分配 DSGE　出处：《中央财经大学学报》2016年08期 　论文类型：期刊论文

【摘要】：中国持续宽松的货币政策营造了相对低利率的投资环境,对经济增长和人均收入提高具有重要的促进作用。但是,在经济增长获得阶段性成功的同时,劳动收入份额却持续下降,导致收入差距扩大愈演愈烈。本文结合企业生产过程中需要借入运营资本的特征和中国货币存量高速扩张的事实,通过建立动态随机一般均衡(DSGE)模型来分析货币扩张对劳动收入分配的影响机制。本文认为持续扩张的总量型货币政策有助于降低贷款利率,带动产出和就业的增长。但是,由于各产业的融资依赖性不同,融资依赖性较强且劳动收入份额较低的产业在货币扩张过程中获得偏向性的增长,造成劳动收入份额较低的产业相对扩张和劳动份额较高的产业相对收缩的产业结构变化效应,当各产业内部劳动收入份额相对稳定时,这导致整体的劳动收入份额下降。为了协调货币政策在经济增长和收入分配两方面的作用,货币当局应当更多地考虑向劳动收入份额较高的产业使用定向调控类的货币政策,以兼顾社会效率和公平。
[Abstract]:China's continued easing of monetary policy has created a relatively low interest rate investment environment, which plays an important role in promoting economic growth and per capita income. However, the share of labor income continues to decline, leading to the widening of the income gap. This paper combines the characteristics of the need to borrow working capital in the production process of enterprises and the fact that China's money stock is expanding at a high speed. By establishing dynamic stochastic general equilibrium (DSGE) model to analyze the influence mechanism of monetary expansion on labor income distribution, this paper holds that the aggregate monetary policy of continuous expansion can help to reduce the loan interest rate. However, because of the different industries' financing dependence, the industries with strong financing dependence and low labor income share get biased growth in the process of monetary expansion. The relative expansion of industries with lower share of labor income and the effect of relative contraction of industries with higher share of labor, when the share of labor income within industries is relatively stable. This leads to a decline in the share of labour income as a whole. In order to coordinate the role of monetary policy in both economic growth and income distribution. Monetary authorities should pay more attention to the use of targeted monetary policy in industries with higher share of labor income in order to give consideration to social efficiency and equity.
【作者单位】：南开大学经济学院、中国特色社会主义经济建设协同创新中心;
【基金】：国家社会科学基金重点项目“世界经济分工演变与中国国际贸易和资本流动研究”(项目编号:14AJL010) 南开大学博士研究生科研创新基金项目“新常态下中国的制度摩擦、契约执行力与产业结构变迁”(项目编号:68150003)
【分类号】：F822.0;F832.4;F124.7
【正文快照】： 一、引言经过三十多年的改革开放,中国经济总量和人均收入得到极大的提高。但是,在经济增长获得阶段性成功的同时,收入差距扩大却愈演愈烈。根据西南财经大学发布的《中国家庭收入不平等报告》,2010年中国的基尼系数已经达到0.61的高位,国家统计局的数据也显示2014年中国的

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