货币供给、虚拟经济与通货膨胀--对通胀决定因素中货币供给与虚拟经济影响的再认识

Money Supply,Fictitious Economy and Inflation

本文从虚拟经济视角对传统货币供给与通胀一一对应关系进行分析,得出:(1)生产力水平提高和供求态势转变改变了货币供给和通胀率之间的对应关系;(2)从需求角度看,生产力越发达、虚拟经济就越发达,价格水平就越低;(3)从供给层面看,投资资金流入虚拟经济部门会引起虚拟资产需求增加和实体经济部门投资不足,两部门价格水平同向变动。通过对我国CPI、M2和虚拟经济之间长期和短期关系进行实证研究,理论分析得到了较好的支持。

This paper analyzes traditional views on the relationship between money supply and inflation from the perspective of.the fictitious economy.Following conclusions are drawn: (1)The relationship between money supply and inflation will change as the productivity improved and 'supply/de- mand' condition altered.(2) From the perspective of demand,the higher the productivity level and the larger the fictitious economy,the lower the inflation.(3) From the perspective of sup- ply,flow of money to fictitious economy will increase the demand for fictitious asset and decrease the investment and supply of real economy,so price level of both sectors will increase.Empirical evidence of China supports the conclusion.