摘要
以内需不足和过度投资为主要特征的投资消费结构问题,是中国宏观经济中亟需研究和解决的重要问题。微观层面的要素价格扭曲通过价格机制影响了投资和消费,是引致投资消费结构变动的深层次原因。本文以修正的Ramsey-CassKoopmans模型为基础,从要素价格扭曲的视角,对转轨时期中国经济长期平稳发展且高投资、低消费并存的经济事实给予了一个解释框架,并通过数据计量来证实要素价格扭曲对中国投资消费结构变动的影响。结论认为:资本和劳动价格的负向扭曲均会刺激投资、减少消费,但是劳动价格扭曲的作用力更大;若劳动比资本的价格扭曲更为严重,将更加不利于投资消费结构的改善。
Insufficient domestic demand and investment are important issues faced by investment and consumption structure characterized by excessive China＇s macro-economy. The micro-level factor price distortion influences investment and consumption via price mechanism, which is the underlying reason for the change of investment and consumption structure. Based on the modified Ramsey-Cass-Koopmans model, this paper provides an explanation framework for the fact of China＇s long-term stable economic development in transition period with high investment and low consumption from the perspective of factor price distortion, and estimates the impact of factor price distortion on the change of China＇s investment and consumption structure. Conclusions show that the negative distortions of capital and labor prices can stimulate investment and reduce consumption, but the effect of labor price distortion is more significant~ if the distortion of labor price is more serious than capital price,the investment and consumption structure will not get improved well.
出处
《财贸经济》
CSSCI
北大核心
2015年第4期121-133,共13页
Finance & Trade Economics
基金
国家社科基金重点项目“跨越中等收入陷阱对策研究”(11AZD038)的资助
关键词
要素价格扭曲
投资
消费
结构
Factor Price Distortion, Investment, Consumption, Structure
