Business Entrepreneurship,Innovation Entrepreneurship And Economic Fluctuation:Calibrated Model And Dynamic Analysis

Under the special background Chinese economy transform from economic growth to the new normal and the Mass entrepreneurship,innovation policy,innovation and business are increasingly becoming the main driving force to improve the productivity and competitiveness in China.The main body of implementing innovation and entrepreneurship is entrepreneurs.The entrepreneurial spirit of entrepreneurs not only directly affects the survival and development of enterprises at the micro level,but also affects the overall economic development in the macro-economy.But in the traditional classical economic model analysis framework lack of research on the role of entrepreneurship.This paper introduces the external impact of innovation and business entrepreneurial spirit,uses the new Keynes theory and method of dynamic optimization and rational expectations theory to study the relationship between entrepreneurship and macroeconomic fluctuations,with a strong theoretical significance and practical value to the development of macro economy.With the development of the Chinese economy,innovation has become the main driving force of each country to improve productivity and national competitiveness.The main body of innovation is the entrepreneur,entrepreneurship is an important indicator to measure a country’s innovation strength.As an advanced factor of production,entrepreneurship makes our country climb to the higher part of the global value chain to improve the total factor productivity.In this paper,we study the relationship between entrepreneurship and macroeconomic fluctuations from the perspective of global value chain.In this paper,we firstly establish a dynamic stochastic general equilibrium(DSGE)model with entrepreneurial sectors.At the same time,we introduced the business entrepreneurial spirit and innovation entrepreneurial spirit into the production function in the production department.Through the calibration of the related parameters in the model,we determined the theoretical model which conforms to the economic characteristics of our country.Finally,we respectively used the impulse response to analyze the impact of business entrepreneurial spirit and innovation entrepreneurial spirit on macroeconomic fluctuation.Secondly,we used the DSGE model to establish the optimal solution of the system and obtained the equilibrium of the stochastic equation.After using the logarithmic linearization method,the equilibrium conditions of the model are processed.In this way,the equation is transformed from a differential system to a linear system that we can solved.In the model,we use the calibration method to estimate the parameters.Finally,using the estimated parameter values of DSGE model and the steady-state values of the systems,we can simulate the dynamic stochastic equation systems.Comparing the statistical identity between the simulated data and the economic performance data,we find that the model can explain 87.84 percent of the cyclical fluctuations in output,92.29 percent in consumption and 102.09 percent in investment.By comparing the impact of business entrepreneurship spirit and innovation entrepreneurship spirit on macroeconomic variables,this paper analyzes the impact of the shock of business entrepreneurship and innovation entrepreneurship on macroeconomic variables.The results show that the impact of business entrepreneurship spirit is greater than that of innovation entrepreneurship spirit.In the duration of the impact in input,investment and employment of the innovation entrepreneurship spirit and business entrepreneurial spirit are basically in the 10-20 phase.And for the consumption and capital stock,the duration are in the 3040 phase.