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什么都在涨,就是工资没有涨。工资的刚性,意味着通货膨胀的提高可以带来短期内实际工资下降、就业增加和产出水平的增加。如果就业效应占据支配地位,那么适度通货膨胀将有利于改善劳动收入比重。文章借鉴Calvo(1983)的随机定价模型,利用“从一般到特殊”的动态计量方法,实证研究了通货膨胀短期内对劳动收入比重的影响。研究显示:短期内,通货膨胀率每增长1%,可以推动劳动份额平均上升0.05%;长期中这一估计效应下降至0.03%。文章研究表明,劳动力市场工资调整的刚性可能是中国劳动收入比重下降的重要短期因素之一。
What are up, that is, wages have not risen. The rigidity of wages means that rising inflation can bring about real wages in the short run, rising employment and rising output levels. If the employment effect dominates, moderate inflation will help to improve the proportion of labor income. The article draws on the stochastic pricing model of Calvo (1983) and uses the dynamic measurement method of “from general to special” to empirically study the impact of inflation on the proportion of labor income in the short run. The research shows that for every 1% increase in the inflation rate in the short run, it can boost the labor share by an average of 0.05%, and in the long run, the estimated effect drops to 0.03%. The article studies show that the rigidity of wage adjustment in the labor market may be one of the important short-term factors that reduce the proportion of China’s labor income.