新结构经济学学术工作坊

【内容概要】

We develop a simple two-sector neoclassical growth model in which one sector produces intermediate goods, and the other sector produces final goods using intermediate goods as one of the inputs. While the final goods sector features perfect competition, a monopolist controls the intermediate goods sector and thus charges a substantial markup on the price of intermediate goods which in turn affects the production of final goods. We show that the deregulation and the introduction of competition in the intermediate goods sector does not only increases the productivity in this sector, but also has a substantial spill-over effect on the productivity of the other sector and the factor prices. We calibrate the model to the Chinese economy and use the calibrated model to quantitatively evaluate the extent to which the deregulation in the intermediate goods market in China since 1998 can account for the rapid growth in TFP and the high and rising return to capital in China over the same period. Our quantitative experiments show that the deregulation in the intermediate goods market in China since 1998 can account for a fraction of 38% of China’s growth. In addition, our model can also match the high return to capital and several other relevant observations during the same period.

【关于演讲人】

PAN Shiyuan is a professor and the associate dean of School of Economics, Zhejiang University. His work now focuses on economic growth, innovation, and Chinese Economy. He has published in Economic Research Journal, China Economic Quarterly, Journal of Financial Research, and other journals.