信贷内生扩张能力、投资外生收益冲击与价格波动--对我国投资与通胀关系的一个新的解释视角

The Relationship between Price, Growth and the Credit Endogenous Expanding Capability,Exogenous Investment Income Shock

本文从一个新的视角——信贷内生扩张能力和投资外生收益冲击,对我国近些年来的投资与通胀的关系进行了解释。具体分析过程是先建立一个信贷内生扩张约束条件下的厂商长期投资动态最优化模型,并给出一个有关投资外生收益对价格影响的命题。在此基础上,我们以中国为对象,对命题成立的三个条件进行了实证检验,并对其中两个关键条件成立的背后动因进行了分析,且给出了长期增长与政策含义。

From a new view of the endogenous credit expand capability and exogenous investment income shock, this paper gives an interpretation to the high growth and low inflation phenomena of China. For this, we firstly construct a long term firm investment optimization model under the constrict condition of the credit endogenous expand capability and give a proposition. Then we test the three conditions of the proposition about China and analyze the case of the three conditions to exist.