Macroeconomic Policies,Industrial Structure and Labor Share
Macro policies such as finance and taxation have heterogeneous effect across industries.These macro policies not only affect economic growth,but also affect income distribution through industrial structure.Based on the transmission channel of monetary policy and the production factors'price channel of fiscal policy,this paper firstly analyzes the impact of monetary policy and fiscal policy on the service industry share and the labor share,and proposes theoretical hypothesizes.Then,by using the city panel data from 2007 to 2016 and the dynamic panel model,this paper selects interest rate policy and social security contribution rate policy as representative policies and evaluates the effect of them on the service industry share and the labor share,and arrives at the following conclusion:first,lowering interest rate has a negative impact on the service industry share,both in terms of GDP and employment,while lowering social security contribution rate significantly increases the service industry share.Secondly,further research finds that lowering interest rate significantly reduces the labor income share,while lowering social security contribution rate significantly increases the labor income share.Thirdly,the heterogeneity analysis shows that the reduction of interest rate and social security contribution rate has the most obvious impact on the service industry share and labor income share in the eastern region.Under the situation that China's service industry share is significantly lower than the average level of countries in the same income group,this paper provides enlightenment for strengthening the coordination of fiscal policy and monetary policy to promote the development.of service industry and common prosperity.
Monetary PolicySocial Security Contribution RateShare of Service IndustryCapital-Labor RatioLabor Share
万方数据
维普
