In this paper, we extend the standard New-Keynesian model to allow both staggered price setting and staggered
wage setting and derive a generalized New-Keynesian model to study how these distortions affect the steady state
and dynamics of model given different target inflation rates. The main finding is that the imperfection of labor
market has more distortionary power on aggregate output and aggregate welfare given positive target inflation rate.
The change in structural parameters that represents the monopolistic competition in intermediate-good and labor
market result in asymmetric distortion effect in the steady state of aggregate output and aggregate welfare. This
asymmetric effect is especially significant given high target inflation rate. Given the same target inflation rate, wage
stickiness is more distortionary than the price stickiness. The existence of positive target inflation rate can also
change the first-order dynamics of model, amplifying or reducing the dynamic response of model according to the
type of exogenous shocks.
This paper describes the purpose and effect of the forest certification system. We compared with the development of FSC and PEFC which are international forest certification. Furthermore, focusing on China's forest certification system, we clarified the development of governance and system of forest certification. The purpose of introducing a forest certification system in China is to preserve the forest environment, maintain sustainable forest management, expand trade, prevent illegal logging, and shift to a green consumption society. There are features not usually found in other countries. In this paper, we clarified this point along the history.