微观经济行为的物价总水平上涨效应分析——货币政策失效与治理原理

在纸币体系中,存在"纸币的被动性膨胀"、绝对价格"向下刚性"和"向上看齐"等三个重要经济现象。因此,任何相对价格调整(变化)的微观经济行为,都会导致单向的"棘轮效应",不断震荡,促使物价总水平持续上涨。这就是纸币体系中微观经济行为的物价总水平效应,有三种具体形式。对此,紧缩性货币政策的作用不仅是有限的,而且会导致经济增长速度减缓。为了在保持物价总水平基本稳定的同时,保持经济平稳较快发展,就需要对症下药,针对这些微观经济行为采取相应的对策。

The Analysis on the Effect of Micro Economic Behavior on the Rise of Overall Price Level——The Failure of Monetary Policy and the Theory of Governance

In the paper money system,there are such three economic phenomenons as "the passive monetary expansive",the "downward rigidness" and "upward reference" of absolute price.So,any micro economic behavior of changing the relative price will lead to one way "Ratchet Effect" and the overall price level will keep rising.And this is the effect of micro economic behavior on the rise of overall price level in the paper money system.So,the effect of tight monetary policy will not only be limited,but also lead to the decline of economic growth.To maintain the stable and rapid economic growth while maintaining a stable overall price level,we should adopt countermeasures suitable to such micro economic behavior.