关键词: 工资扭曲, 利率扭曲, 要素错配, 全要素生产率

Abstract: In recent years, the contribution of resource allocation efficiency to TFP change has increased significantly, with labor misallocation contributing the most to TFP loss. We analyse the relative wage distortion between skilled labor and unskilled labor, interest rate distortion and TFP loss due to labor misallocation and capital misallocation caused by these two distortions. We find that the degree of labor misallocation and the ensuing TFP loss will be overestimated if the difference of equilibrium wage among industries does not be considered. With the improved Aoki method, the data analysis of the industries in China finds that wage frictions in most of skill-intensive industries are " tax type" , whereas in most of non-skill-intensive industries wage frictions are " subsidy type" . The actual wages of industries with higher monopoly or more serious asset price bubbles are higher than the equilibrium level; the actual wages of education, scientific research and technical services, sanitation and social work are much lower than the equilibrium level; the wage distortion of education industry is very high and the outflow of skilled workers from education industry is still serious. Therefore, eliminating the relative wage distortion between skilled labor and unskilled labor will greatly improve the matching degree between labor structure and technical structure of industries.

Key words: Wage Distortion, Interest Rate Distortion, Resource Misallocation, Total Factor Productivity