Financial Accelerator、Labor Market And Monetary Policy

Improving the level of welfare, making the increasing worker’s wage and inflation keep balance has the vital significance for the stability of our country’s economic. Financial plays more important role in the economics of countries, the development of the financial also had a profound effect to the real economy. Therefore, making the financial problems and output level together discuss the finance to the influence of the labor market has a practical significance.This paper builds a DSGE models, in this model contains family firm and government. At the same time, we also introduce the financial accelerator and labor market friction into this model. Then analyze the influence of monetary policy shocks and technology shocks to the labor market. In order to studied the role of financial accelerator in monetary policy to the labor market impact. We compared contain and does not contain the financial accelerator model. In this paper we calibration the parameters based on China’s economic development and using the macro economic data to estimate the model. We found:Monetary policy shocks and technology shocks all has negative effects of different level on the labor market. The impact of monetary policy is a short-term, but the amplitude of shock is bigger. While the influence of the technology shock is a long-term, but the amplitude of shock is smaller. In addition, we also found that technology stocks have a strange phenomenon "output dropping and inflation rising". This is because our country’s technological progress are mainly on technology import, And since the failed to digestion and absorption, the introduction of not only didn’t translate into productivity to promote output. Contrary, it increased the cost of production, pushed up inflation. At the same time, the impact of tight monetary policy shocks and technology shocks to the variables of labor market and economy response is more sensitive. This is consistent with the actual situation of China’s economic operation. In this article the research labor market and financial accelerator in DSGE model has far-reaching significance.