本轮通货膨胀的货币根源分析——兼论我国央行对抗通胀的困境

通货膨胀是一种货币现象,但不同层次的货币供给对物价水平的影响程度不同,货币增加对不同商品和服务价格的影响具有非均衡性和非直接性。过高估计我国货币政策对物价的影响是不适当的,由于长期的国际收支失衡、活跃的商业银行业务创新以及全国范围内资产泡沫的出现,使得央行对货币供给的数量及流动方向无法很好控制。文章最后针对如何管理我国目前以及将来的物价水平提出了政策建议。

Monetary Source of This Round of Inflation:On Chinese Central Bank's Dilemma Facing Inflation

Inflation is a kind of monetary phenomenon,but different levels of monetary supply have different impacts on consumer prices.Impacts of more monetary supply on different goods and service prices are non-equilibrium and indirect. Over-evaluating the impacts of our monetary policy on consumer prices is irrational.Long-term imbalanced international payment,dynamic business innovation of commercial banks and asset bubbles across the whole China leads to inefficient control of the amount of monetary supply and f...