货币冲击、行业特征与相对价格波动
阅读全文
下载全文 |
| Title | Monetary shocks,Industry features and Relative Prices fluctuations
|
| 作者 | 刘世锦 陈昌盛 许召元 |
| Author | Liu Shijing , Chen Changsheng and Xu Zhaoyuan |
| 作者单位 | 国务院发展研究中心 |
| Organization | Development Research Center of the State Council |
| 作者Email | liusj@drc.gov.cn；chencs@drc.gov.cn；zhaoyuan@drc.gov.cn |
| 中文关键词 | 行业特征 货币冲击 相对价格 |
| Key Words | Industry Features; Monetary Shocks; Relative Price |
| 内容提要 | 关于货币冲击对价格的影响，多数研究主要着眼于总价格水平，而对不同行业的影响差异则关注不足。现实中面对同样的货币（需求）冲击，不同行业的价格并不是同步同幅度变动。本文重点回答了为什么行业间会呈现出不同的价格波动特征，并证明供给弹性和技术进步是决定行业价格调整行为的关键因素。货币冲击下供给弹性小和技术进步慢的行业价格会优先调整，使相对价格发生变化。这种相对价格变化，反映的不是绝对供给不足，而是（预期）相对供给不足。供给弹性小、技术进步慢或劳动生产率的增长率慢的行业，正是预期相对供给不足的行业，将成为货币优先追逐的对象，使物价上涨中表现出“结构性”特征。而这种相对价格变动，会引发资源再配置效应，资源向价格上涨行业配置，进而使得货币冲击影响真实经济产出，呈现出货币非中性特点。 |
| Abstract | The effect of monetary shocks on price is always an interet thesis attracting many researcher’s attention. However, most of them just focus on the overall price, and pay less attion on the price dispersion. In fact, prices of different marktes respond differently to the same monetary shocks. The aim of this paper is to answer the question why does the pirce dispersion occur,and verify that the key factors are the supply elasticity and technology progress. Faced with the monetary shocks, the price of industy whose supply elasticity is small or technology improves slow will adjust firstly, which will result in change of relative price. And it is this relative price change that makes the monetary policy show non-neutral quality. |
| 文章编号 | WP212 |
| 登载时间 | 2012-01-17 |
|