通货膨胀、相对价格变动与资源配置效率

Inflation、Relative Price Variability and Resource Allocative Efficiency

以通货膨胀率为阈值变量构建了中国相对价格变动(RPV)与资源配置效率(RAE)关系的面板阈值模型,实证结果表明,相对价格变动会降低资源配置效率,但在不同的通货膨胀水平下,这种不利影响存在明显差异,当通货膨胀率处于1%—5%之间时,相对价格变动的资源配置效率损失并不明显。为了提升价格信号的资源配置效率,政府应考虑现实经济所处的通货膨胀区间来制定合适的宏观调控政策。另外,也要在加强对外开放、提升人力资本水平和财政支出水平等方面促进实体经济各部门资源的合理配置,从而促进物价总水平的基本稳定,进而提升价格机制的资源配置效率。

This paper takes inflation rate as threshold variable to build the panel threshold model of relationship between Relative Price Variability（RPV） and Resource Allocated Efficiency（RAE） in China. The empirical results show that the RPV will reduce the RAE, but this kind of adverse effect is obviously different in different inflation levels. When the inflation rate is between 1% -5%, RPV＇s allocation of resources efficiency loss is not obvious, which can provide some references for us to determine the optimal inflation interval. In order to improve the resources allocation efficiency of price signal, our government should consider the inflation interval that real economy faced to formulate appropriate macroeconomic regulation and control policy. Moreover, promote the real economic departments resources＇reasonable allocation from strengthening the opening to the outside world and promoting the human capital level and financial expenditure level et. , so as to promote the stable of overall price level basically, and then improve the resources allocation efficiency of price mechanism indirectly.