CGPI与PPIIP:谁更适合代表中国的PPI

Which Index is More Appropriate for PPI in China,CGPI or PPIIP

生产者价格指数(PPI)是一个重要的宏观经济指标。我国有两个指标可以代表生产者价格指数,分别是工业生产者出厂价格指数(PPIIP)和企业商品价格指数(CGPI)。文章从理论角度分析工业生产者出厂价格指数与企业商品价格指数的区别与联系,认为在逻辑上CGPI更适合作为我国PPI的候选指标。实证研究表明,虽然现阶段PPIIP较CGPI更好地引导了CPI走势,但CGPI已初步具备了和PPIIP相类似的引导功能,学术界应关注CGPI代表PPI的价值。

Producer Price Index （PPI） is a key index in macro economy. In China, there are two PPI candidates： Producer Price Index for Industrial Products （PPIIP） and Corporate Goods Price Index （CGPI）. This paper theoretically analyzes the difference and relation between PPIIP and CGPI and tries to show CGPI is more logically appropriate for PPI candidate. Accord- ing to the empirical research, though PPIIP is more suitable for China＇ s PPI index for the time being, CGPI has also some similar guiding functions as PPIIP. The economists should pay more attention to the interesting finding that CGPI represents the value of PPI.