摘要
关于通货膨胀与资产价格之间的关系,除了传统上强调的财富效应和托宾Q效应之外,金融窖藏理论从货币循环的方面提供了新的重要分析视角,本文将其命名为货币激活效应。本文从构建经济体中的货币循环开始,建立起一个诠释货币供给增加后资产价格与通货膨胀动态演绎路径的模型框架,揭示了资产价格膨胀在货币循环系统中所造成的通货膨胀压力,也即货币激活效应。并使用2001—2013年的季度数据,从货币需求函数的角度实证考察了货币激活效应的存在,认为在货币需求结构的非均衡性下,货币激活效应已经成为影响我国通货膨胀的重要原因。
On the study of the relationship between inflation and asset prices, in addition to the conventional wealth effect and the Tobin- Q effect, Financial Hoarding theory has provided an important new perspective from the angle of currency circulation, and this article names it monetary activation effect. This article starts with structuring currency circulating in economy, and establishes a model framework which interprets the dy- namic interpretation path of asset prices and inflation after the money supply increases, and reveals the intla- tionaxy pressures caused by asset price inflation in the money circulation, or ＂monetary activation effect7. Us- ing quarterly data from 2001 to 2013, this article makes an empirical study of the existence of ＂effect of mone- tary activation＂ from the perspective of money demand function, and discusses the dilemma faced by monetary policy operation under such circumstances.
出处
《财经科学》
CSSCI
北大核心
2014年第6期12-21,共10页
Finance & Economics
