关键词: 工资粘性, 部门工资粘性, 多部门DSGE, 结构化GMM

Abstract: Wage stickiness is a more important nominal rigidity than price stickiness, which has a crucial role in analyzing the impact of exogenous shocks on macro-economy. In an approach to the heterogeneity of sectoral wage stickiness, this paper builds up a multi-sector DSGE model, and derives a sectoral wage dynamic equation. Then, by estimating the structured GMM in the sectoral wage dynamic equation, it derives the wage stickiness of 19 sectors in China. It is found there is a significant heterogeneity in the sectoral wage stickiness. Furthermore, this paper also studies the estimation issues in aggregate wage stickiness and finds that over-estimation may occur if using one single sector DSGE model to estimate aggregate wage stickiness, but the median of sectoral wage stickiness weighted by sectoral wages may be a better way to estimate the aggregated wage stickiness.

Key words: Wage stickiness, Sectoral wage stickiness, Multi-sectors DSGE, Structured GMM