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1.
刘喆 《中国经贸》2011,(10):29-30
近年来,我国一般物价水平持续上涨,出现通货膨胀的迹象,特别是2011年以来,通货膨胀压力日益加大,本文以我国新一轮通货膨胀为研究主题,对目前所面临的各个方面的通货膨胀压力进行了探讨,阐述了我国当前通货膨胀压力的成因,并提出了一系列应对通货膨胀压力的对策。  相似文献   

2.
迄今为止,通货膨胀与经济增长之间关系仍然是一个争而未决的难题。文章通过建立一个旨在说明通货膨胀与经济增长之间关系的非线性面板门限回归模型,并以通货膨胀变化率作为门限变量以及利用我国1985-2011年的省际面板数据进行实证检验发现:通货膨胀变化率小于门限变量0.0800时,通货膨胀可以促进经济增长,当通货膨胀变化率位于门限变量0.520与0.0800之间时,通货膨胀对经济增长的正向拉动作用最为明显;然而当通货膨胀变化率高于较大的第二个门限值时,通货膨胀则与经济增长负相关。因此,文章认为控制通货膨胀的相对增长速度与其绝对水平同样重要。  相似文献   

3.
理论上将通货膨胀区分为需求拉动型通货膨胀和成本推动型通货膨胀不仅反映了通货膨胀特征的潜在差异,而且隐含着不同的政策含义。本文总结了20世纪50年代以来国内外关于成本推动型通货膨胀的研究成果,包括成本推动型通货膨胀的含义、传导渠道、甄别方法和反通货膨胀政策等。研究表明需求拉动因素在成本冲击传导的过程中起到重要作用,在理性预期条件下,相机抉择的补偿性货币政策并非是应对成本冲击的最优选择,货币政策的通货膨胀目标规则为应对成本冲击提供了可供借鉴的新思路。  相似文献   

4.
通货膨胀是经济学中的一种特有现象,因此,对通货膨胀的预期管理是关键,本文列举国外的案例,对我国通货膨胀管理现状进行了深入的分析,为我国提供了有效管理通货膨胀预期的方法和途径:估计一定时期的菲利普斯曲线;研判货币政策影响通货膨胀的机制;确定货币政策管理通货膨胀预期的手段;建立反馈与再调节机制。  相似文献   

5.
对我国通货膨胀的正确认识,可以概括为四句话,即通货膨胀不可取,通货膨胀不可免,通货膨胀不可怕,通货膨胀不可纵.一、通货膨胀不可取不论是温和的通货膨胀,还是奔腾的通货膨胀,都不应成为我们的政策主张,这是我们对待通货膨胀首先应树立的一种观念.1、通货膨胀引起货币收入再分配,造成分配秩序混乱.在通货膨胀情况下,居民的名义收入必然与其实际收入发生较大背离,降低收入分配的透明度.一方面,在货币收入高于实际收入增长,即高于物价上涨幅度时,人们也会产生抱怨,所谓“拿起筷子吃肉,放下筷子骂娘”大多出现在通货膨胀时期,它使居民不能明显、有形地感受到经济发展带来的利  相似文献   

6.
在VAR模型的基础上,讨论货币政策、通货膨胀和股票价格之间的相互作用机制。研究表明:①提高利率会使得通货膨胀和股票价格上升,但是与通货膨胀相比,股票价格受影响的程度和时间较短;②股票价格上升能够使通货膨胀小幅上升;③通货膨胀上升使得股票价格下降。  相似文献   

7.
通货膨胀新概念   总被引:1,自引:0,他引:1  
我国经济正处于一个历史性的"转轨"时期,我国的通货膨胀其实是一个"特殊形态"的通货膨胀,即"转轨型通货膨胀",这是中国当前的新型通货膨胀。  相似文献   

8.
戴宴清  孙赫 《特区经济》2011,(11):297-298
在评估通货膨胀风险前,需要选择一个能够反映多结构的价格指标作为通货膨胀的度量指标。而构建合理的通货膨胀先行指标体系是许多中央银行预测通货膨胀的重要手段,也是我国中央银行面临的重要任务之一。本文分别从微观和宏观两类指标度量了我国通货膨胀程度。  相似文献   

9.
我国正面临着通货膨胀和经济减速的两难困境。我国通货膨胀的直接原因是通货膨胀的国际传递,但其深层次的原因在于政策失误;而通货膨胀又是造成我国经济减速的主要原因。因此,要走出两难困境,应从源头上遏制住通货膨胀,同时增加国内需求。  相似文献   

10.
通货膨胀是经济发展中不可避免的经济现象,研究通货膨胀的理论也由来已久.研究2007年以来,我国市场物价呈现明显上涨的态势,通货膨胀问题,己经成为当前经济运行中的突出矛盾.本文从分析我国通货膨胀的原因出发,进而提出具体对策,以应对通货膨胀对我国经济发展的不利影响.  相似文献   

11.
According to the relevant literature, monetary policy implications concerning the optimal inflation rate can be derived by examining the relationship between inflation and the Relative Price Variability (RPV). This paper studies this issue for selected Euro Area (EA) countries, using monthly data for the Harmonized Index of Consumer Prices. In particular, semi-parametric estimations are employed so as to find the accurate form of the inflation-RPV relationship. The results indicate that this relationship exhibits a U-shape functional profile. Furthermore, the optimal inflation rates for the EA, France, Germany and Spain are also calculated. For all countries and the EA, we find that although the European Central Bank’s “below but close to 2?%” inflation target is optimal for the EA average, it is not the optimum inflation rate for the individual counties.  相似文献   

12.
In this paper we reconsider the degree of international comovement of inflation rates. We use a dynamic hierarchical factor model that is able to decompose Consumer Price Index (CPI) inflation in a panel of countries into (i) a factor common to all inflation series and all countries, (ii) a factor specific to a given sub-section of the CPI, (iii) a country group-factor and (iv) a country-specific component. With its pyramidal structure, the model allows for the possibility that the global factor affects the country-group factor and other subordinated factors but not vice versa. Using quarterly data for industrialized and emerging economies from 1996 to 2011 we find that about two thirds of overall inflation volatility is due to country-specific determinants. For CPI inflation net of food and energy, the global factor and the CPI basket-specific factor account for less than 20 % of inflation variation. Only energy price inflation in industrial economies is dominated by common factors.  相似文献   

13.
股指期货市场的风险分析及风险控制   总被引:2,自引:0,他引:2  
刘潇  谢群 《特区经济》2008,(6):109-110
即将推出的股指期货市场是我国资本市场金融创新的一座里程碑。作为一个新兴的金融衍生工具,股指期货具有高风险、高收益的特征。文章主要从风险分析和风险控制两方面对其进行分析,为投资者进入股指期货市场提供指导。  相似文献   

14.
本文以日本1985到2004年的相关数据为研究对象,评估日元汇率的波动对日本物价指数的影响。研究发现汇率对进口物品和出口物品价格有显著的影响,汇率的异常波动制约了日本经济的发展。思考人民币升值对我国经济的影响应以日本为鉴。  相似文献   

15.
In this paper, we examine the impact of policy actions undertaken by governments during the COVID-19 pandemic on Consumer Price Index (CPI) in five major South Asian nations, namely, Bangladesh, India, Nepal, Pakistan and Sri Lanka. Using panel fixed effects regression with robust standard errors, we show the relative importance of monetary and financial interventions on reducing CPI while fiscal interventions, direct grants and aid are insignificant. Further, delving into nature of policy interventions, our study finds evidence of negative impact of Credit Support, and Healthcare Support on CPI in South Asian nations. While our investigation is preliminary, it provides insights into additional understanding of effectiveness of policy actions on inflation targeting.  相似文献   

16.
In 2002‐2003, the South African yield spread falsely signalled a downswing that never materialised. This paper provides two reasons for this false signal. First, while the Reserve Bank never actually officially declared the start of a downswing, by alternative measures a downswing did actually occur. It is this severe weakness in economic activity at that time that the yield curve pointed to. Second, short‐term interest rates in 2003 were higher than they should have been because of a mistake made in measuring consumer price inflation. Because South Africa had recently introduced an inflation‐targeting regime, policy interest rates were, as a result of this error, kept too high for too long. This policy mistake was rectified as soon as the error in the Consumer Price Index was discovered. Thus, the yield curve in 2003 pointed to the reality that short‐term interest rates were too high and risked pushing the economy into full blown recession. This is demonstrated by the fact that it was a fall in long bond interest rates that caused the yield spread to turn negative, indicating expectations that short‐term interest rates would need to be cut – as indeed they were.  相似文献   

17.
我国房价与地价高居不下,给老百姓生活水平的提高造成很大的影响,到底是什么原因是房价高居不下。本文从房价与地价的关系入手,采用广东2002~2010年房屋销售价格指数和土地交易价格指数,对广东房价与地价关系的实证检验。Granger检验结果显示:短期而言,地价和房价是相互影响的;长期而言,房价决定地价。  相似文献   

18.
Hong Kong's US dollar peg, adopted in 1983, has failed to deliver price stability. Hong Kong experienced high inflation before the Asian financial crisis and prolonged deflation after it. The annual rate of inflation (GDP-deflator based) was 7.4% in the first period (1985–97) and −2.0% in the second (1998–2007). There was no clear trend for the inflation rate to converge to the US level. The nominal anchor via a fixed exchange rate in Hong Kong had an upward and downward drift in the order of 4% from the US inflation rate, casting doubt on the anchor's efficacy. Despite Hong Kong's high output growth relative to that of the United States, the Balassa-Samuelson effect was not the main factor behind the pre-Asian crisis inflation. Price shocks in service exports played a major role in Hong Kong's general prices through the two periods.  相似文献   

19.
This paper provides an example of a model that yields widely divergent estimates when different stock market indexes are used to calculate two independent variables in Romer's [1990] model. Her model sought to explain consumer durable good production before the Great Crash (31 observations). She used the Cowles Commissions Series P Stock Price Index to calculate two independent variables. However, when this paper uses the S&P Index to calculate these variables, its estimates completely contradict Romer's findings. It discovered that one incorrect monthly observation in the S&P Index is responsible for this difference. It also found that robustness techniques serve to limit the impact of the errant observation, illustrating the importance of using robustness techniques in small data sets.  相似文献   

20.
Price stability is widely recognised as the primary goal of modern monetary policy, and the management of private sector inflation expectations has become an essential channel through which this goal is achieved. This evaluation aims to improve the understanding of how the sensitivity of private sector inflation expectations to macroeconomic surprises in South Africa compares internationally, as this provides an indication of the contribution of monetary policy in South Africa to anchoring inflation expectations. If a central bank is credible, the financial markets should react less sensitively to macroeconomics surprises, because they trust the central bank to manage these incidents and achieve the objectives they communicated over the medium to long term. In this paper, the methodology of Gurkaynack et al. is adopted in order to measure the sensitivity of South African inflation expectations to surprises. A comparison of South Africa's results with those of countries in the original studies supports the contention that the SARB (South African Reserve Bank) has encouraged inflation expectations to be relatively insensitive to macroeconomic surprises, and offers support for the inflation-targeting framework as a means to help anchor inflation expectations.  相似文献   

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