资产价格与通货膨胀的计量

Capital Prices and Inflation Measure

资产价格是影响通货膨胀的重要因素,以CPI等传统指标衡量通货膨胀不能真实反映通货膨胀水平,借鉴Bryan,Cecchetti,OSullivan(2002)的研究,在计算通货膨胀水平时包括了资产价格因素,实证分析包括资产价格因素后的综合通货膨胀指标PI是反映货币供给和经济产出的重要内生性影响因素,中央银行货币政策的制定要考虑资产价格因素的影响。

Capital prices is the important factors in affect inflation.The traditional Inflation index CPI and other index could not report the real inflation index.This paper reference Bryan,Cecchetti,O＇Sullivan（2002） research,measure inflation index including capital prices,empirical analysis states,Synthetical inflation index including capital prices——PI is the endogenous influence factor of money supply and output,the central bank draft monetary and financial policy should consider the capital prices influence.