劳动搜寻匹配摩擦与开放经济货币政策  

Labor Market Frictions and Monetary Policy in an Open Economy

作　　者：石峰 SHI Feng(Beijing Language and Culture University)

机构地区：[1]北京语言大学商学院,100083

出　　处：《经济学（季刊）》2023年第1期246-265,共20页China Economic Quarterly

基　　金：国家社会科学基金重大项目(19ZDA069);北京语言大学院级项目(中央高校基本科研业务费专项资金)(21YJ050012)的资助。

摘　　要：在包含劳动搜寻匹配摩擦的封闭经济中,Thomas (2008)发现货币政策与名义工资黏性有关。存在工资黏性时,央行应增加价格波动,反之则需保持价格稳定。但本文发现:在开放经济中,即使不存在工资黏性,最优货币政策也应增加价格波动。这是因为贸易条件能改变生产厂商的匹配成功价值,内生增加实际工资黏性,减少家庭收入和消费。因此,央行需在稳定价格和平滑消费间权衡。价格波动率上升能够抑制实际工资和消费对其有效路径的偏离,改进福利。Different from the findings of Thomas(2008) that it is optimal to keep price level stability if there is no wage stickiness and necessary to deviate from the zero inflation otherwise, our research finds that in an open economy including search and matching frictions, the central bank should increase the variation of price level, even if there are no staggered wages. The central bank needs to strike a balance between prices stabilization and increasing household consumption. The increases in fluctuations of price level are able to dampen the deviations of real wage and consumption from efficient paths respectively, and improve social welfare.

关 键 词：搜寻匹配摩擦 贸易条件 货币政策 

分 类 号：F820[经济管理—财政学]