关键词: 劳动力市场摩擦, 企业进入退出, 公共卫生事件冲击, 经济恢复速度

Abstract: In 2022，the 20th National Congress of the Communist Party of China emphasized the importance of reinforcing employment priority policies，underscoring its pivotal role in the subsequent phases of Chinas economic and social development This paper introduces labor market frictions and firms entryexit mechanism into a DSGE model，examining the impact of the epidemic on Chinas macroeconomic fluctuations through four different forms of labor market shocks The results indicate that：Firstly，shocks on the labor supply or demand sides could result in a significant decrease in overall output，consumption，and the number of enterprises The size of individual enterprises contracts during the shock on supply side and expands during the shock on demand side Secondly，the simulation results indicate that even the shock last only one quarter，macroeconomic fluctuations could persist for several years，raising concerns about the speed of macroeconomic recovery after shortterm shocks Thirdly，the public health emergency shock could initially lead to an increase in unemployment，then transmit to the enterprise side，causing the exit of small and mediumsized enterprises This in turn，further suppresses labor demand，forming a positive feedback loop Under the mutual reinforcement of the two mechanisms，the shortterm shock could bring about sustained effect Finally，this paper conducts policy simulations on the baseline model，analyzing the mitigating effects of relief policies such as social security benefits and credit support during the shock
The potential contributions of this paper are reflected in four aspects：Firstly，this paper studies the relationship between Chinas labor market and the macroeconomic fluctuations in a DSGE framework，which is neglected by the domestic macroeconomic studies due to the longterm stability of the unemployment rate Secondly，through the inclusion of firms entryexit mechanism，this paper delineates the survival challenges faced by small and mediumsized enterprises during public health emergency shock Thirdly，by introducing four different labor market shocks，the paper analyzes the specific channels through which the epidemic affects the labor market and the macroeconomy Lastly，this paper demonstrates that labor market frictions and the bankruptcy of small and mediumsized enterprises could form a positive feedback loop，collectively prolonging the impact of shortterm shocks，providing theoretical basis for policy measures such as stabilizing employment and supporting small and mediumsized enterprises

Key words: labor market friction, endogenous firm entry, shock of public health emergency, recovery speed of macroeconomy