要素市场分割对货币政策区域产出效应的影响——基于全国省际静态面板数据的实证研究  

The Influence of Factor Market Segmentation on the Regional Output Effect of Monetary Policy ——An Empirical Study Based on Provincial Panel Data in China

作　　者：王张铭 梁巧转[1] 侯继磊 WANG Zhang-ming;LIANG Qiao-zhuan;HOU Ji-lei(School of Management,Xi an Jiaotong University,Xi an 710049,China;China Galaxy Securities,Beijing 100033,China)

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]中国银河证券,北京100033

出　　处：《商业经济与管理》2019年第5期81-87,共7页Journal of Business Economics

基　　金：国家自然科学基金面上项目"金融干预下的城镇化:机制;影响与对策"(71573063)

摘　　要：在区域经济结构改革的背景下,要素资源的不完全流通性加剧了货币政策区域非对称性。文章使用2003—2015年省际面板数据回归分析要素市场分割对我国货币政策区域产出效应的影响,认为要素市场分割对我国货币政策产出效应产生了抵消作用。而后对比东中西部地区抵消效应发现:在扩张性货币政策条件下,资本品需求规模和收益率更高、劳动力市场更加活跃、再配置空间更大的东部地区,要素市场分割对货币政策效应的抵消作用更大。Under the background of regional economic structure reform, the incomplete circulation of factor resources has aggravated the regional asymmetry of the monetary policy. This paper uses 2003-2015 year provincial panel data to analyze the effect of factor market segmentation on the regional output effect of China s monetary policy, and points out that the factor market segmentation has counter-acted the output effect of the monetary policy in China. From the counteraction of the eastern and western regions we found that: under the conditions of the expansionary monetary policy, the scale and yield of capital goods in the eastern region are higher, the labor market is more active and the reconfiguration space is greater, and the division of the factor market is more counter-productive to the effect of the monetary policy.

关 键 词：要素市场分割 货币政策 产出效应 静态面板 

分 类 号：F822.0[经济管理—财政学]