本文關(guān)鍵詞： 財(cái)政政策 信貸 產(chǎn)能過剩 通貨膨脹　出處：《財(cái)政研究》2017年07期 　論文類型：期刊論文

【摘要】：本文從財(cái)政政策的角度解釋中國CPI與PPI的相對(duì)動(dòng)態(tài)特征。通過將異質(zhì)性居民與企業(yè)以及借貸約束引入到動(dòng)態(tài)隨機(jī)一般均衡模型中,我們發(fā)現(xiàn)財(cái)政政策擴(kuò)張會(huì)通過偏向性地帶動(dòng)生產(chǎn)資料企業(yè)產(chǎn)能,從供給側(cè)抑制其價(jià)格水平。同時(shí),借貸約束的存在使得此類企業(yè)能夠更為容易地獲得配套資金,從而導(dǎo)致其產(chǎn)能進(jìn)一步擴(kuò)張,使PPI相對(duì)于CPI持續(xù)下降。鑒于此,本文認(rèn)為"財(cái)政政策—信貸—產(chǎn)能過剩"這一機(jī)制是理解我國在全球金融危機(jī)之后通貨膨脹動(dòng)態(tài)的關(guān)鍵。
[Abstract]:This paper explains the relative dynamic characteristics of CPI and PPI in China from the perspective of fiscal policy. By introducing heterogeneous residents and enterprises as well as lending constraints into the dynamic stochastic general equilibrium model. We find that fiscal policy expansion can reduce the price level from the supply side by biasing the production capacity of the means of production enterprises. At the same time, the existence of lending constraints makes it easier for such enterprises to obtain matching funds. This leads to further expansion of its capacity and a continued decline in PPI relative to CPI. This paper holds that the mechanism of "fiscal policy-credit-overcapacity" is the key to understanding the inflation dynamics in China after the global financial crisis.
【作者單位】： 上海財(cái)經(jīng)大學(xué)公共經(jīng)濟(jì)與管理學(xué)院;
【基金】：國家社會(huì)科學(xué)基金重點(diǎn)項(xiàng)目《我國預(yù)算績效專項(xiàng)指標(biāo)體系研究》,項(xiàng)目號(hào)2012110904,批準(zhǔn)號(hào)12AZD097
【分類號(hào)】：F726;F812.0;F822.5
【正文快照】： 作者感謝匿名審稿專家所提寶貴建議,當(dāng)然文責(zé)自負(fù)�！巴ㄘ浥蛎浽谌魏螘r(shí)候和任何地點(diǎn)都是貨幣現(xiàn)象”(Friedman,1963)。這一觀點(diǎn)不僅非常深刻地揭示了通貨膨脹的本質(zhì),而且也為剖析通貨膨脹的產(chǎn)生原因提供了思路。盡管通貨膨脹本質(zhì)上是一個(gè)貨幣現(xiàn)象,但導(dǎo)致貨幣數(shù)量增加的路徑卻很

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