关于通货膨胀容忍度的分析——基于双重菲利普斯曲线

Analysis about the Tolerance of Inflation——Based on Dual Phillips Curve

菲利普斯曲线是反映失业率和通货膨胀率之间交替取舍关系的曲线。一国为降低失业率,需要容忍一定程度的通货膨胀。菲利普斯曲线是国家制定宏观经济政策的基本理论依据。在后金融危机时代,全球经济依然低迷,主要经济体纷纷进行货币干预,我国的通胀将受到多种因素影响。因此,国家在采取宏观经济政策刺激经济增长、增加就业时,需要考虑通货膨胀的容忍度,使菲利普斯曲线不断完善,以适应我国的需要,而不是单纯将传统菲利普斯曲线作为在通胀和失业之间权衡的政策导向。

The phillips curve is the one reflecting the relationship between unemployment and inflation rate. In order to reduce the unemployment rate, one country needs to tolerate a certain degree of inflation. Phillips curve is the basic theory of making national macroeconomic policies. In the post financial crisis era, the global economic slump continues, major economies implement cmTency intervention, Chinese inflation will be affected by many fac- tors. Therefore, when taking macro economic policies to stimulate economic growth, increasing employment, coun- tries need to consider the tolerance of inflation, the phillips curve constantly improves, so as to meet the needs of our country, rather than considering the traditional phillips curve as our policy guidance in keeping the balance be- tween inflation and unemployment.