市场竞争能抑制通货膨胀吗？--来自企业层面的证据

Does Product Market Competition Reduce Inflation?:Evidence from Firm Level

当前我国的通货膨胀表现为需求拉动和成本推动相结合的混合型通货膨胀,因此,通货膨胀的治理除了总需求管理政策以外,还应积极采取其他有效的手段。加强市场竞争能降低通货膨胀吗?本文首次基于中国工业企业的调查数据,通过建立非线性平滑转换面板模型做了实证研究,研究结果表明,垄断势力越强,则企业产品价格变化对成本性冲击的反应更敏感。因此,在当前企业生产成本迅速上升的背景下,应采取积极的反垄断措施,加强市场竞争,从而减缓企业成本转嫁行为所导致的通货膨胀。

The ongoing inflation across the country is distinctively combined by demand - pulled and cost - pushed factors. Except for aggregate demand management policies, thereafter, other policies should be adopted at the meantime. Does product market competition reduce inflation？ This paper, for the first time, makes an empirical study based on statistics from industrial firms of China, using nonlinear panel smooth transition mod- el. The study reflects that, product price becomes more sensitive to cost of goods as monopoly power goes up in one firm. As a conclusion, under recent pressure of rapid growth in cost, policies that enhance market competi- tion are one crucial solution to reduce inflation driven by firm＇s cost transference.