中国经济部门价格指数波动差异性研究

在整体价格指数运行的背后,部门价格指数波动显示较大差异。本文将中国经济部门分为贸易品、非贸易品和食品部门三大类别,分别考察了三部门的菲利普斯曲线属性,发现各部门价格指数对产出缺口的弹性,以及部门成本冲击的持续性和方差显著不同,在货币政策作用下调整的幅度和时间也有较大差异。这使得货币政策在关注整体价格指数运行的同时,需对各部门价格指数的相对变动做进一步研究;同时,中央银行应根据不同部门价格指数波动的参数特征设置不同的反应权重。

Research on Fluctuation Difference of Price Index in Chinese Economy Department

In reality there is an important distinction between price changes that are equip proportional across all goods.We divide Chinese economy into three parts: tradable,non-tradable and agricultural sectors.Price fluctuations of these three sectors show different magnitudes,persistence and sacrificed ratios between sector inflation and output gap.The results also suggest that monetary policy have uneven impacts across different sectors.The resulting mule-speed economy presents a challenge for monetary policy,wh...