本文建構一個包含高技術及低技術兩種勞動之動態隨機一般均衡模型，並引入資本與技能互補之固定替代彈性生產函數以及勞動搜尋與媒合模型之架構，分析法定最低工資的分配及總體效果。研究結果發現，提升最低工資可以增加低技術勞動的談判工資、勞動所得及消費，並縮小低技術與高技術勞動之工資差異，進而達到改善工資不均度與所得不均度的問題。對總體經濟而言，提升最低工資對總合消費具有正面影響，但對總產出、投資及失業率則產生負面影響。本文也發現低技術勞動的求職媒合彈性對消費及所得分配效果有重要影響。當低技術勞動的求職媒合彈性變小時，將降低低技術勞動的均衡雇用量，使低技術勞動的勞動所得及消費減少，進而導致總合消費的下降以及所得不均度的上升。此外，本文也發現當低技術勞動與資本間的替代彈性上升時，資本將成為低技術勞動的替代性生產要素。最低工資的所得分配效果則因彈性的上升而減弱。最後，本文發現低技術勞動的談判能力下降將不利於低技術勞動的談判工資，卻會誘使廠商增加低技術勞動的雇用，因而帶動總合勞動與總產出的上升，意外地，談判能力的下降將有助於最低工資改善工資與所得的不均度。

This thesis investigates the macroeconomic and distributional effects of an increase in the minimum wage in a dynamic stochastic general equilibrium model with (i) two types (high-skilled and low-skilled) of workers, (ii) a constant elasticity of substitution production function with capital-skill complementarity, and (iii) an imperfectly competitive labor market with search and matching frictions. It finds that increasing the legal minimum wage rate raises the bargained wage and labor income of low-skilled workers, both mitigating the wage differential and income inequality between high- and low-skilled workers. Higher labor incomes for low-skilled workers increase their consumption, which further stimulates the aggregate consumption. Nonetheless, a higher minimum wage increases unemployment, giving rise to negative impacts on investment and output. Besides, we show that if the elasticity of matching with respect to job search for low-skilled workers is relatively low, the equilibrium employment of low-skilled workers turns out to be substantially low. As a result, raising minimum wages worsens, rather than improves, wage differential and income inequality. Moreover, if the substitution elasticity between capital and low-skilled workers is higher, the favorable redistribution effects of minimum wages become less pronounced. Finally, while the equilibrium bargained wage decreases as the bargaining power of low-skilled workers is lower, a lower bargained wage induces firms to hire low-skilled workers, in favor of the overall employment and output. This surprisingly helps the minimum wage improve income inequality.

目錄
論文審定書. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
摘要. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii
第一章緒論. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
第二章模型設定. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.1 家計部門. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.1.1 高技術勞動單位. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.1.2 低技術勞動單位. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.2 廠商部門. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2.3 政府部門. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2.4 媒合函數與勞動市場. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.5 工資的決定與衝擊反應. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.6 勞動的所得分配. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.7 總合條件與市場結清. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
第三章模型求解與參數設定. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
第四章基準值分析. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
第五章敏感性分析. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
5.1 調降低技術勞動求職媒合彈性的敏感性分析. . . . . . . . . . . . . . . . . . . 26
5.2 調升低技術勞動與資本間的替代彈性之敏感性分析. . . . . . . . . . . . . . . . 30
5.3 調降低技術勞動談判能力的敏感性分析. . . . . . . . . . . . . . . . . . . . . 31
第六章結論. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
參考文獻. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
附錄. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
A.1 最適化條件. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
A.2 穩定標準狀態. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
A.3 線性化方程式. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
圖次
圖1 最低工資上升百分之四點四，對於經濟體之衝擊效果(一) . . . . . . . . . . . . 37
圖2 最低工資上升百分之四點四，對於經濟體之衝擊效果(二) . . . . . . . . . . . . 38
圖3 調降低技術勞動的求職媒合彈性(1 − aL) 之敏感性分析(一) . . . . . . . . . . . 39
圖4 調降低技術勞動的求職媒合彈性(1 − aL) 之敏感性分析(二) . . . . . . . . . . . 40
圖5 調升低技術勞動與資本間的替代彈性(υ) 之敏感性分析. . . . . . . . . . . . . . 41
圖6 調降低技術勞動的談判能力(γL) 之敏感性分析(一) . . . . . . . . . . . . . . . 42
圖7 調降低技術勞動的談判能力(γL) 之敏感性分析(二) . . . . . . . . . . . . . . . 43
表次
表1 參數設定. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
表2 於2018 年1 月1 日提升最低工資的美國州別. . . . . . . . . . . . . . . . . . . 45

Ahn, T., Arcidiacono, P., Wessels, W., 2011. The distributional impacts of minimum
wage increases when both labor supply and labor demand are endogenous.
Journal of Business & Economic Statistics 29, 12–23.
Allegretto, S.A., Dube, A., Reich, M., 2011. Do minimum wages really reduce teen
employment? Accounting for heterogeneity and selectivity in state panel data.
Industrial Relations 50, 205–383.
Alonso, C.D.D., 2016. Beyond labor market outcomes: The impact of the minimum wage
on nondurable consumption. Princeton University Economics Department Working Paper.
Autor, D., Manning, A., Smith, C., 2016. The contribution of the minimum wage to US
wage inequality over three decades: A reassessment.
American Economic Journal: Applied Economics 8, 58–99.
Bauducco, S., Janiak, A., 2018. The macroeconomic consequences of raising the minimum
wage: Capital accumulation, employment and the wage distribution.
European Economic Review 101, 57–76.
Blanchard, O.J., Diamond, P.A., 1989. The aggregate matching function.
National Bureau of Economic Research Working Paper 3175.
Brown, C., Gilroy, C., Kohen, A., 1982. The effect of the minimum wage on employment
and unemployment. Journal of Economic Literature 20, 487–528.
Butcher, T., Dickens, R., Manning, A., 2012. Minimum wages and wage inequality: Some
theory and an application to the UK.
University of Sussex Business School Economics Department Working Paper.
Card, D., Krueger, A.B., 1994. Minimum wages and employment: A case study of the
fast-food industry in New Jersey and Pennsylvania.
American Economic Review 84, 772–793.
Fahr, R., Sunde, U., 2001. Disaggregate matching functions.
IZA Institute of Labor Economics Working Paper 335.
Kaufman, B.E., 2009. Promoting labour market efficiency and fairness through a legal
minimum wage: The Webbs and the social cost of labour.
British Journal of Industrial Relations 47, 306–326.
Krusell, P., Ohanian, L., RiosRull, J.V., Violante, G., 2000. Capital-skillcomplementarity
and inequality: A macroeconomic analysis. Econometrica 68, 1029–1053.
Lee, D., Saez, E., 2012. Optimal minimum wage policy in competitive labor markets.
Journal of Public Economics 96, 739–749.
Ljungqvist, L., Sargent, T.J., 2007. Understanding European unemployment with matching
and searchisland models. Journal of Monetary Economics 54, 2139–2179.
Machin, S., Manning, A., 1997. Minimum wages and economic outcomes in Europe.
European Economic Review 41, 733–742.
Neumark, D., Schweitzer, M., Wascher, W., 2004. Minimum wage effects throughout the
wage distribution. Journal of Human Resources 39, 425–450.
Neumark, D., Wascher, W., 2008. Minimum Wages. MIT Press.
Peracchi, F., Viviano, E., 2004. An empirical micro matching model with an application
to Italy and Spain. Bank of Italy Working Paper 538.
Petrongolo, B., Pissarides, C.A., 2001. Looking into the black box: A survey of the
matching function. Journal of Economic Literature 39, 390–431.
Pissarides, C.A., 1998. The impact of employment tax cuts on unemployment and wages:
The role of unemployment benefits and tax structure. European Economic Review 42, 155–183.
Ravenna, F., Walsh, C.E., 2012. Labor market flows with skill heterogeneity in a monetary
policy model. Journal of Money, Credit and Banking 44, 31–71.
Reichling, F., Whalen, C., 2012. Review of estimates of the Frisch elasticity of labor
supply. Washington, DC: Congressional Budget Office.
Sauer, R., 2018. The macroeconomics of the minimum wage. Journal of Macroeconomics 56, 89–112.
Shi, S., Wen, Q., 1999. Labor market search and the dynamic effects of taxes and subsidies.
Journal of Monetary Economics 43, 457–495.
Sims, C.A., 2002. Solving linear rational expectations models. Journal of Computational
Economics 20, 1–20.
Slonimczyk, F., Skott, P., 2012. Employment and distribution effects of the minimum
wage. Journal of Economic Behavior and Organization 84, 245–264.
Sorkin, I., 2015. Are there longrun effects of the minimum wage? Review of Economic
Dynamics 18, 306–333.
Stigler, G.J., 1946. The economics of minimum wage legislation. American Economic
Review 36, 358–365.
Thomas, W.V.J., 2005. Minimum wages and income inequality in the American states,
1960–2000. Research in Social Stratification and Mobility 23, 343–368.