竞争和区域菲利普斯曲线:来自中国的证据
1School of Finance, Shanghai University of Finance and Economics, Shanghai, China.
PloS one
|May 16, 2024
概括
产品市场竞争对货币政策产生影响. 较高的竞争增加了实际刚性,但降低了名义刚性,影响了菲利普斯曲线的斜率. 标称硬度在通货膨胀-产出动态中起着关键作用.
科学领域:
- 经济学 经济学 经济学
- 货币政策 货币政策 货币政策
- 宏观经济学 宏观经济学
背景情况:
- 产品市场竞争影响货币政策的有效性.
- 菲利普斯曲线说明了通胀和失业/产出之间的权衡.
- 了解这些动态对于经济稳定至关重要.
研究的目的:
- 量化评估产品市场竞争如何影响菲利普斯曲线的斜率.
- 调查名义和实际刚度作为传输通道的作用.
- 用新凯恩斯模型和中国区域数据分析影响.
主要方法:
- 开发了一个新凯恩斯主义模型,结合了金博尔聚合器和卡尔沃定价.
- 在中国地区数据上采用贝叶斯估计技术.
- 进行反事实实验以分离不同刚性的影响.
主要成果:
- 增加的市场竞争提高了实际刚性,同时降低了名义刚性.
- 较高的竞争程度与更大的通胀-产出权衡有关.
- 名义刚度是解释菲利普斯曲线斜率差异的主要因素.
结论:
- 标称硬度是通货膨胀输出动态的一个关键决定因素.
- 虽然实际刚性受到竞争的影响,但与名义刚性相比,其对菲利普斯曲线斜率的贡献很小.
- 对管理通货膨胀和产出的政策影响应该集中在名义度上.
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