Macroeconomic Impacts of Entrepreneurship-Driven Policies under Different Monetary Policy Mechanism
CHEN Li-feng1,2
1. College of Economics, Hainan University, Haikou, Hainan, 570228; 2. Department of Economics, Guangdong Provincial Party School, Guangzhou, Guangdong, 510053
Abstract：This paper constructs a dynamic stochastic general equilibrium model of various forms of employment, examining long-term and short-term macroeconomic effects of policy adjustment aimed at encouraging entrepreneurship in normal times and in an ultra-low interest rate context. The findings are as follows: (1) whether in normal times or in an ultra-low interest rate context, a single entrepreneurship-driven policy (i.e. reducing the cost of self-employment) is faced with the trade-off between long-term benefits and short-term costs; (2) in terms of long-term or short-term effects, the single policy adjustment aimed at encouraging entrepreneurship in normal times widens the income gap between formal sectors and informal sectors, but the single policy adjustment in an ultra-low interest rate context narrows the income gap between sectors; (3) there is no obvious short-term cost in the comprehensive adjustment of multiple policies aimed at encouraging entrepreneurship (including the reduction of the cost of self-employment and the policy adjustment to the formal sector), and the short-term impact of these policies is significantly greater than that of single policy adjustment when the economy is in normal times or in an ultra-low interest rate context; (4) the ultra-low interest rate environment has reduced the short-term macroeconomic impact of the government’s policy of encouraging entrepreneurship, whether it is a single policy adjustment or a comprehensive policy adjustment aimed at encouraging entrepreneurship. Therefore, in order to promote self-employment and reduce the short-term cost of policy adjustment, the government should not only reduce the cost of starting a business, but also adjust policy for formal sectors accordingly.
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2020, Vol. 37 
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