通货膨胀与收入不平等关系的研究——基于信贷市场不完美的视角

Inflation and Income Inequality:A Credit-Market Imperfection Viewpoint

在修正的现金预付经济中,考虑信贷市场不完美因素后,本文从理论上预言了通货膨胀与收入不平等之间的正向关系,且这种正向关系在某些条件下是U形关系。模型预言存在一个"最优"通货膨胀率,使得该通货膨胀率不会加大收入不平等。模型的理论预言与大量实证研究文献是符合的。我们的模型可以解释基于时间序列和基于截面数据的不同实证研究研究结果存在差异的原因。

In a modified Cash-in-advance economy,this paper predicts a positive correla-tion between inflation and income inequality with an imperfect credit-market.In some situa-tion,the positive correlation shows a half U-sharp relationship.The predictions in paper are consistent with many empirical literatures.The monetary policy of keeping a low rate of inflation will not enlarge income inequality over time.