货币政策与就业:一个带有内生劳动力供给的MIU模型  

Monetary Policy and Employment:A MIU Model with Endogenous Labor Supply

作　　者：鄂永健[1] 

机构地区：[1]上海财经大学金融学院

出　　处：《世界经济》2006年第7期56-64,共9页The Journal of World Economy

基　　金：国家自然科学基金项目"解决中国失业问题的宏观政策导向--贸易和非贸易部门变量的国际比较"阶段性研究成果;项目批准号:70373075

摘　　要：本文在货币效用模型中引入内生劳动力供给,以此来分析货币政策对就业的影响。结果发现:只有当消费者对商品消费的相对风险规避程度比较大,即消费的跨期替代弹性比较小时,货币供给增长率上升才会促进就业的增加,反之,货币供给增长率上升反而使就业减少。考虑到中国当前的具体情况,消费者商品消费的相对风险规避程度比较大,因而扩张性的货币政策有利于就业,对中国的经验检验结果支持了这一结论,而且该分析通过了货币供给增长率的超外生性检验。从长期来看,中国消费者的相对风险规避程度有下降的趋势,过度依赖于扩张性的货币政策来解决失业问题是不可行的。In this article,we establish a MIU model with endogenous labor supply to analyze the effect of monetary policy on employment.We find that the increase of the growth rate of money supply will stimulate employment only in the condition that consumer's relative risk aversion is big,namely a small intertemporal elasticity of consumption.Otherwise,employment will decrease if that happens.Considering China's situation that the rela- tive risk aversion is big,we think the expansionary monetary policy will increase employment.The following empirical study on China supports that conclusion and our empirical analysis also passes through the superexoge- neity of the growth rate of money supply.Regarding the fact that Chinese relative risk aversion takes a long-run decreasing trend,it is not appropriate to depend too much on the expansionary monetary policy to solve the un- employment problem.

关 键 词：货币政策 就业 内生劳动力供给 相对风险规避程度 

分 类 号：F820[经济管理—财政学]