摘要
外部冲击对宏观经济波动具有重要影响。伴随着全球产业链的重构,生产网络效应日益凸显。本文首先将生产网络纳入一般均衡模型,分析部门扭曲对宏观经济波动的影响;然后基于中国2007年投入产出数据,测算金融危机期间中国生产网络对金融冲击的放大效应。研究结果表明:部门扭曲对宏观经济的影响表现为总效率楔子和总劳动楔子,生产网络中关键部门对总劳动楔子影响较大,而对总效率楔子影响较小;生产网络在金融危机期间产生了大约5倍的放大效应。本文强调生产网络和关键部门在宏观经济波动中的重要作用,从产业和金融两方面为增强国内大循环的内生动力和可靠性提供了学理支撑。
External shocks have a significant impact on macroeconomic fluctuation.With the restructuring of the global industrial chain,the production network effect is becoming increasingly prominent.First,this paper incorporates the production network into a general equilibrium model to analyze the impact of sectoral distortions on macroeconomic volatility.Then,based on China’s 2007 input-output data,it calculates the amplification effect of China’s production network on financial distortions during the financial crisis.The study finds that the impact of sectoral distortions on macroeconomic performance is manifested in the total efficiency wedge and the total labor wedge.Key sectors in the production network exert a greater influence on the total labor wedge,while their impact on the total efficiency wedge is relatively small.The results suggest that the production network generated approximately a fivefold amplification effect during the financial crisis.This paper emphasizes the important role that production networks and key sectors play in macroeconomic volatility and provides theoretical support for improving the reliability of domestic systemic circulation from the industrial and financial perspectives.This in turn presents practical value based on the requirements of the current era of safeguarding the new development pattern with a new security structure.
作者
许雪晨
田侃
Xu Xuechen;Tian Kan
出处
《世界经济》
CSSCI
北大核心
2023年第5期58-89,共32页
The Journal of World Economy
关键词
生产网络
部门扭曲
金融冲击
网络放大效应
production network
sectoral distortions
financial distortions
network amplification effect
