CAJ | 학술논문

在大多数宏观经济分析中，通货膨胀往往被视为总量性变量来加以研究。随着中国经济结构的不断变迁，近年来各界关于“结构性通胀”的讨论增多，总量性变量越来越难以全面解释各部门之间通胀的差异。本文以CPI与PPI相对变化为主要表现形式的结构性通胀为研究对象。基于总供给一总需求框架的实证表明，贸易部门相对非贸易部门生产率的快速提升，加剧了中国通胀的结构性不平衡程度。在需求方面，政府支出、居民收入和货币因素等也能解释结构性通胀的变化。此外，大宗商品价格冲击等也都显著影响结构性通胀。因此，现阶段在分析中国CPI与PPI价格变化的过程中，应充分考虑经济转型过程中深层次结构性因素的影响。在通胀治理方面，应加强货币政策与其他供给政策等的协调配合。
재대다수굉관경제분석중，통화팽창왕왕피시위총량성변량래가이연구。수착중국경제결구적불단변천，근년래각계관우“결구성통창”적토론증다，총량성변량월래월난이전면해석각부문지간통창적차이。본문이CPI여PPI상대변화위주요표현형식적결구성통창위연구대상。기우총공급일총수구광가적실증표명，무역부문상대비무역부문생산솔적쾌속제승，가극료중국통창적결구성불평형정도。재수구방면，정부지출、거민수입화화폐인소등야능해석결구성통창적변화。차외，대종상품개격충격등야도현저영향결구성통창。인차，현계단재분석중국CPI여PPI개격변화적과정중，응충분고필경제전형과정중심층차결구성인소적영향。재통창치리방면，응가강화폐정책여기타공급정책등적협조배합。
With the development and transition of China＇s economy, it is more and more difficult to explain the inflation in different sectors using only the aggregate variables. There are lots of discussions on the structural inflation recently. This paper studies the CPI/PPI dynamics as a typical structural inflation in China. Based on the AS - AD framework, we find that from aggregate supply side the relative high productivity in tradable sector can explain the CPI/PPI dynamics very well, and from demand side government expenditures, household incomes and monetary factors can also be important factors to affect CPI/PPI. In addition, the shocks from commodity prices impact the structural inflation either. So we should take into structural factors into our analysis on CPI/PPI dynamics. And policymakers should strengthen the coordination between monetary policy and other policies from supply side in deal with the structural inflation in China.