就业歧视对货币政策宏观经济效应的影响
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The Impact of Employment Discrimination on the Macroeconomic Effects of Monetary Policy
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    摘要:

    就业歧视在各国经济实践中普遍存在,其对经济高质量发展的负面影响备受关注。然而,现有研究更多关注的是就业歧视对居民收入分配产生的影响,较少关注其对经济政策有效性的影响。劳动力市场是货币政策影响宏观经济的重要渠道之一,就业歧视可能通过影响劳动力市场改变货币政策的宏观经济效应。现实经济中就业歧视的表现形式众多,其中就业机会歧视是最为普遍的现象,即企业在招聘过程中主观认定雇用某一类型劳动力将产生额外成本,导致企业对该类劳动力的雇佣量少于最优雇用量,进而使社会就业总量减少。基于此,本文构建无就业歧视和存在就业歧视两种情形下的两主体动态随机一般均衡(TANK—DSGE)模型,运用脉冲响应分析和二阶矩匹配法等考察就业歧视对货币政策宏观经济效应的影响,分析结果显示:无论货币政策当局执行何种货币政策(标准泰勒规则、就业扩展型泰勒规则、盯住平均通胀型货币政策),无论是否存在就业歧视,扩张性货币政策均会促进产出、消费、投资、就业、物质资本租金率和整体物价水平等宏观经济变量增长;与无就业歧视的情形相比,存在就业歧视情形下扩张性货币政策对产出、消费、投资、就业的促进作用变小,而对物价上涨(通胀)的促进作用变大,即就业歧视会弱化扩张性货币政策的积极效应并强化其消极效应;就业歧视的存在会降低货币政策实施后产出和就业的持续性、提高通胀的持续性,同时也会扩大产出、就业和通胀的波动性。总体上看,扩张性货币政策对就业的促进效应在就业扩展型泰勒规则下最强,且就业歧视的负面影响最小,因而选择就业扩展型泰勒规则可以更好地实现促进就业的目标;扩张性货币政策对产出的促进效应在盯住平均通胀型货币政策下最强,且就业歧视的负面影响最小,因而选择盯住平均通胀型货币政策可以更好地实现促进产出增长的目标。相比现有文献,本文主要在三个方面进行了拓展和深化:一是从经济政策有效性角度探讨就业歧视对经济高质量发展的负面影响,二是构建TANK—DSGE模型考察就业歧视对货币政策宏观经济效应的影响,三是从提高政策有效性角度为不同宏观经济目标下的货币政策选择提供理论参考。本文揭示了就业歧视对货币政策宏观经济效应具有显著负面影响。减轻就业歧视不仅有助于就业和收入公平,也有利于提高经济政策的有效性,因而需要构建和完善统一的劳动力市场以不断减少各种就业歧视。

    Abstract:

    Employment discrimination is widespread in the economic practice of various countries, and its negative impact on high-quality economic development has attracted much attention. However, existing research focuses more on the impact of employment discrimination on the income distribution of residents, and less on its impact on the effectiveness of economic policies. The labor market is one of the important channels for monetary policy to affect the macro economy. Employment discrimination may change the macroeconomic effect of monetary policy by affecting the labor market. In the real economy, there are many forms of employment discrimination, among which employment opportunity discrimination is the most common phenomenon. That is to say, in the recruitment process, enterprises subjectively determine that hiring a certain type of labor force will incur additional costs, resulting in the employment of this type of labor force being less than the optimal amount of employment, thereby reducing the total amount of social employment. Based on this, this paper constructs a dynamic stochastic general equilibrium without employment discrimination and a two-subject dynamic stochastic general equilibrium (TANK-DSGE) model with employment discrimination, and uses impulse response analysis and second-order moment matching method to investigate the impact of employment discrimination on the macroeconomic effects of monetary policy. The analysis shows that no matter what kind of monetary policy (Standard Taylor Rule, Employment-expanding Taylor Rule, and Peg-to-average Inflation Monetary Policy) is implemented by monetary policy authorities and whether there is employment discrimination or not, expansionary monetary policy promotes the growth of macroeconomic variables such as output, consumption, investment, employment, physical capital rent rate, and overall price levels; compared with the situation without employment discrimination, in the presence of employment discrimination, the expansionary monetary policy has a smaller role in promoting output, consumption, investment, and employment, and a larger role in promoting price increases (inflation). That is, employment discrimination weakens the positive effects of expansionary monetary policy and strengthens its negative effects; the existence of employment discrimination will reduce the persistence of output and employment after the implementation of monetary policy, increase the persistence of inflation, and also increase the volatility of output, employment and inflation. Generally speaking, the promotion effect of expansionary monetary policy on employment is the strongest under the employment-expanding Taylor rule, and the negative impact of employment discrimination is the least, so choosing the employment-expanding Taylor rule can better achieve the goal of promoting employment; the boosting effect of expansionary monetary policy on output is strongest under the monetary policy pegging to the average inflation, and the negative impact of employment discrimination is the least, so choosing the monetary policy of pegging to the average inflation can better achieve the goal of promoting output growth. Compared with the existing literature, this paper mainly expands and deepens this study in three aspects: one is to explore the negative impact of employment discrimination on high-quality economic development from the perspective of economic policy effectiveness, the second is to construct a TANK-DSGE model to investigate the impact of employment discrimination on the macroeconomic effect of monetary policy, and the third is to provide theoretical reference for monetary policy choices under different macroeconomic objectives from the perspective of improving policy effectiveness. This paper reveals the negative impact of employment discrimination on the macroeconomic effects of monetary policy. Reducing employment discrimination not only contributes to employment and income equity, but also to improving the effectiveness of economic policies. Therefore, it is necessary to construct and improve a unified labor market to continuously reduce all kinds of employment discrimination.

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陈利锋,张凯鑫,林柳琳.就业歧视对货币政策宏观经济效应的影响[J].西部论坛,2022,32(2):32-46

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  • 在线发布日期: 2022-06-12