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价格粘性程度是宏观经济短期分析的基础。本文以隐含的季度GDP缩减指数作为价格指数度量指标,采用Snordone(2002)与Gali & Gertler(1999)的方法实证估计了1992年第1季度至2012年第1季度的中国价格粘性程度。实证结果表明,中国价格粘性程度远低于发达国家(美国)的水平,价格平均持续时间为3.4～8.1个月。低工资粘性、缺乏长期买卖关系以及宏观环境的易变性是导致低价格粘性的主要原因。
The degree of price stickiness is the basis of short-term macroeconomic analysis. In this paper, we use the implicit quarterly GDP deflation index as a measure of price index, and use the method of Snordone (2002) and Gali & Gertler (1999) to empirically estimate the price viscosities in China from the first quarter of 1992 to the first quarter of 2012. The empirical results show that the price stickiness of China is much lower than that of developed countries (the United States), and the average duration of price is 3.4 ~ 8.1 months. Low-wage stickiness, the lack of long-term trading relationships, and the volatility of the macroeconomy are the main reasons for low price stickiness.