摘要
虽然国内文献证明了流动性过剩对我国通货膨胀的正向促进作用,但对于我国流动性持续过剩的原因,或者我国货币政策持续扩张的原因,则很少给予理论解释。通过检验我国货币政策的时间不一致性问题,发现无论是长期动态还是短期动态,我国通货膨胀率和经济增长率的季度数据和Barro-Gordon模型的含义都是一致的。因此,我国存在用货币政策推高经济增长的行为。这一行为提高了我国的通货膨胀率,并导致通货膨胀率和经济增长率之间产生正相关性。
Although domestic literatures demonstrate that China’s inflation is positively affected by excess liquidity,yet theoretical explanations can be rarely found to illustrate the reasons for China’s sustained liquidity surplus or China’s continued monetary policy expansion.By checking the time inconsistency problem of China’s monetary policy,it is found that,either during the long-term dynamic period or during the short-term dynamic period,the quarterly data of China’s inflation rate and economic growth rate is consistent with the meaning of Barro-Gordon model.Therefore,there exists such behavior that China uses monetary policy to push the economic growth.This behavior has increased China’s inflation rate and led to a positive correlation between the inflation rate and economic growth rate.
出处
《当代财经》
CSSCI
北大核心
2013年第8期42-51,共10页
Contemporary Finance and Economics
