开放经济下中国新凯恩斯混合菲利普斯曲线

An Open Economy New Keynesian Hybrid Phillips Curve of China

本文采用广义矩方法估计开放经济下中国新凯恩斯混合菲利普斯曲线,结合中国现实选择工具变量。结果表明,使用混合成本作为通货膨胀的驱动因素在统计和经济意义上具有显著性,影响我国通货膨胀主要是资本成本与进口中间品成本;厂商定价行为既有前瞻性又有后顾性,但前瞻性处于主导地位,且价格具有较强的灵活性。

We estimate a New Keynesian hybrid Phillips curve under open economy for China by way of GMM, by choosing instrument variables according to China＇s situation. Empirical result shows that hybrid costs are statistically significant and qualitatively important; capital cost and intermediate imported input cost influence inflation mostly; there are back-looking and forward-looking pricing behavior, but the forward-looking behavior captures most firms＇ behavior, and price is flexible,