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为了检验通货膨胀对城乡间、城镇内部和农村内部的收入不平等影响存在的异质性,文章首先建立经济均衡模型阐述通货膨胀对居民收入不平等的影响机理,其次采用1995—2012年二十个省市数据建立动态面板模型进行实证检验。研究发现:理论方面,假设信贷市场是非完美的,导致不同收入水平家庭面临的投资机会不同。长期的通货膨胀使资本的积累比率降低,但是在资本形成过程中至少部分投资机会需用现金支付,中低收入水平家庭受这种约束影响更大,从而建立起通货膨胀和居民收入不平等的正向效应。实证方面,通货膨胀对城镇居民收入不平等、农村居民收入不平等和城乡居民收入不平等都产生即期的正向效应,并且对农村居民影响大于城镇居民。
In order to test the heterogeneity of the impact of inflation on income inequality in urban and rural areas, in urban and rural areas, the paper first establishes an economic equilibrium model to explain the impact of inflation on the income inequality of residents, followed by the second quarter of 1995-2020 A dynamic panel model of provinces and cities to conduct empirical tests. The findings are as follows: In theory, the credit market is assumed to be imperfect, leading to different investment opportunities for families with different income levels. Long-term inflation reduces the rate of capital accumulation, but at least part of the investment opportunities in the process of capital formation need to be paid in cash. Families with low and medium incomes are more affected by this constraint, thus creating inequality in inflation and household income Positive effect. In empirical terms, the income inequality of urban residents caused by inflation, the inequality of incomes of rural residents and the income inequality of urban and rural residents all have a immediate positive effect and have a greater impact on rural residents than urban residents.