货币供给增长率与通货膨胀率之间的短期波动影响和长期均衡关系分析

An analysis of the Short-Term Fluctuations and Long-TermEquilibrium between Money Growth and Inflation

货币供给增长率与通货膨胀率之间不仅存在长期均衡关系,也存在短期误差修正机制,两者之间的影响关系依赖总供给与总需求之间的相互制约。在当前较低的利率水平和显著的流动性约束下,货币流动速度降低和非流通性持有增加,导致扩张性货币政策缺乏价格膨胀效果,进而在一定程度上限制了总需求的有效扩张。

There is not only a long-term equilibrium relationship between monetary supply growth and inflation, but also a short-term fluctuation among them.This kind of relationship is influenced by supply shock and demand shock.Because there is negative shock in aggregate demands, money velocity decreases and money held by household increases.Therefore, active money police does not show significant inflation effect, and only has limited expansion effect on aggregate demand.