文献类型：期刊文献

中文题名：劳动调整成本、流动性约束与中国经济波动

英文题名：Labor Adjustment Cost, Liquidity Constraints and China's Economic Fluctuations

作者：胡永刚[1];刘方[2]

第一作者：胡永刚

机构：[1]上海财经大学经济学院;[2]河南财经学院经济学系

第一机构：上海财经大学经济学院,邮政编码200433

年份：2007

卷号：42

期号：10

起止页码：32-43

中文期刊名：经济研究

外文期刊名：Economic Research Journal

收录：人大复印报刊资料;CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2004】；社科基金资助期刊;CSSCI:【CSSCI2006_2007】；

基金：上海市哲学社会科学规划课题;上海财经大学"211"工程项目资助

语种：中文

中文关键词：中国经济波动;RBC;劳动调整成本;流动性约束

外文关键词：China＇s Economic Fluctuation ; RBC; Labor Adjustment Cost; Liquidity Constraint

摘要：中国特定的社会经济制度和隐性失业的存在使得中国就业人数变动表现得与产量增减无关,信用制度的不完善使中国消费的波动远远大于其他国家,从标准RBC模型得到的与产量高度相关的劳动投入和平滑的消费与中国实际相差甚远。然而,本文在劳动不可分的RBC模型基础上引入劳动的调整成本和消费的流动性约束,得到了与中国经济波动事实匹配的令人较为满意的模拟结果。由包含劳动调整成本的RBC模型得到的就业与产出波动相对标准差与实际值基本一致,模型同时显示了劳动波动的弱顺周期性,较好地解释了中国1978年以来就业波动的相关特征。在劳动调整成本模型基础上,通过引入流动性约束,进一步改善了模型各变量尤其是消费与其实际值的匹配程度,较好地再现了1978年以来中国消费波动较大的特征事实。
Stylized facts in China＇ s aggregate fluctuations show two characteristic departures from those observed in developed countries： （ 1 ） Changes in the number of China＇ s work force appears uncorrelated with its output ; （2） China＇ s aggregate consumption fluctuates more than its output. Strongly procyclical labor input and smooth consumption over an agent＇s lifetime resulted from standard RBC models are a mismatch of those stylized facts. However when we introduce labor adjustment cost （model 1） and liquidity constraints into a standard RBC model （model 2） with indivisable labor, second moments from our calibrated models fit the data quite satisfactorily. The relative standard deviations of capital, investment and employment with respect to output resulted from model 1 are 0. 35, 3.2 and 0. 19 respectively, very close to 0. 37, 3 and 0. 19 as observed in practice. When liquidity constraint is introduced into the model, relative standard deviation of consumption with respect to output is also greatly improved from 0.33 of model 1 to 1.13 of model 2 compared with 1.18 in practice.