农产品和工业品的相对价格波动与货币供给

Study on Relationship between Fluctuation of Relative Price of Agricultural Product and Industrial Product and Money Supply

本文基于一个带有理性预期的一般均衡模型,指出在市场分割和信息不完全的情况下,由于农产品市场的供给需求弹性小于工业品,未预期到的货币供给使得农产品相对价格"超调",从而导致农产品相对价格的波动幅度大于工业品相对价格的波动幅度。最后,利用中国近年来的相关数据进一步验证了上述结论。

Based on a general equilibrium model with rational expectation,this paper points out that the fluctuation range of relative price of agricultural product is smaller than that of industrial product because the supply-demand elasticity of agricultural product is smaller that of industrial product and the unexpected variability of money supply causes the dramatic fluctuation of relative price of agricultural product under the environment of market segmentation and incomplete information. Finally,it verifies the above conclusions by using the data about China in recent years.