通货膨胀与资产替代的拓展研究:基于Sidrauski效用模型

Inflation and asset substitution expand research:based on Sidrauski effect mode

2010年7月份以来,中国的通货膨胀形势有所抬头,伴随着高通货膨胀形势,居民通胀预期也在逐渐升温,在此背景下,人们为了实现财富的保值、增值,纷纷将现金、活期存款以及储蓄存款等货币资产转换为股票、房地产、黄金、艺术品等其它能够抵抗通胀风险的资产,对此,国内部分专家担心这一资产替代过程会恶化通胀形势。本文通过Can-gan货币需求模型实证分析得出,资产替代并非推高了通货膨胀形势,相反,它是减缓通货膨胀的增长速度。

The inflation situation in China had risen since it was July,2010.Accompanied by high inflation situation,the inflation expectaton of the residents were gradually warming.In this context,many people have their stocks,real estate,gold,art,and anyother assets which fight agaist inflation risk replace their cash,demand deposits,saving deposits etc,in order to have their wealth hedge against inflation and appreciate.In this regard,some domestic experts worried that the asset substitution process will worsen the inflation sitution.Along with the empirical analysis of Cagan money demand model,I have derived that asset substitution does not push up inflation,on the contrary,it decreases the growth rate of inflation.