财经科学
財經科學
재경과학
Finance and Economics
2010年
1期
25~31
,共null页
通胀目标制 利率 魏克赛尔累积过程 资产价格
通脹目標製 利率 魏剋賽爾纍積過程 資產價格
통창목표제 리솔 위극새이루적과정 자산개격
Inflation Targeting; Interest Rates; Wicksell＇ s Cumulative Process; Asset Prices
通货膨胀目标制的理论基础直接来源于魏克赛尔的累积过程理论。央行的利率政幕不但会影响一般价格的上涨，而且会导致资产价格出现泡沫。现时的房产价格与未来的产出和通货膨胀关系密切，应该在CPI中给予一定的权重。低利率、低通胀和资产价格膨胀共存并不意味着累积过程理论失效，而是因为其反馈机制和通胀度量出现了问题。
通貨膨脹目標製的理論基礎直接來源于魏剋賽爾的纍積過程理論。央行的利率政幕不但會影響一般價格的上漲，而且會導緻資產價格齣現泡沫。現時的房產價格與未來的產齣和通貨膨脹關繫密切，應該在CPI中給予一定的權重。低利率、低通脹和資產價格膨脹共存併不意味著纍積過程理論失效，而是因為其反饋機製和通脹度量齣現瞭問題。
통화팽창목표제적이론기출직접래원우위극새이적루적과정이론。앙행적리솔정막불단회영향일반개격적상창，이차회도치자산개격출현포말。현시적방산개격여미래적산출화통화팽창관계밀절，응해재CPI중급여일정적권중。저리솔、저통창화자산개격팽창공존병불의미착루적과정이론실효，이시인위기반궤궤제화통창도량출현료문제。
The theoretical foundation of inflation targeting is come from Knut Wicksell＇ s cumulative process theory. Interest rate policy of central bank not only causes an increase in the price level, but also leads to asset prices bubbles. Current housing price has strong links to subsequent output and inflation, and should be given a proper weight in CPI measurement. The coexistence of low interest rate, low inflation rate and asset prices inflation does not imply the cumulative process theory losing its effectiveness, but the feed back mechanism and inflation measurement have their own problems.
