The Impact Of Economic Cycle And Industrial Structure On Information Stickiness

Stickiness is one of the main research issues in the new Keynesian.Stickiness is crucial,and the existence of the stickiness can explain many problems of microeconomic and macroeconomic fluctuations.Mankiw and Reis proposed the sticky information theory to provide important microcosmic basis for explaining the macro economy.In the sticky information model,the transmission and updating of information is slow,and then people need to spend a certain amount of time and cost to obtain and process information,so there is the sticky information.Based on the theory of sticky information model raised by Mankiw and Reis,according to the different stages of the economic cycle and enterprise in the industry,the thesis subdivide the enterprise heterogeneity and mainly research the difference of enterprise's information stickiness degree in different stages of the economic cycle and industries,compare different enterprise information stickiness degree under the different economic conditions,and estimate the inflation expectation of our country.In this paper,the sample data is from the first quarter of 1992 to the second quarter of 2015.All data is from CCER and China's national bureau of statistics.All data is logarithmic.With the systematic literature and the relevant economic analysis,this paper proposes two corresponding theoretical hypothesis and do empirical analysis.The conclusions are as follows.On the one hand,the economic cycle is related to enterprise's information stickiness degree,namely,in the economic expansion,the enterprise's information stickiness degree is lower than in the economic contraction.On the other hand,the enterprise's information stickiness degree of different industry is different.To be specific,the enterprise's information stickiness degree in the second industry is the highest,which means that the update speed of information set is the slowest.What is more,enterprises in the first industrial have the lowest degree of information stickiness,and they can adjust the information fast.The conclusions of this article have an important practical significance to the industrial policy and information policy in our country.