货币供应结构对通货膨胀的影响

The Effect of Money Supply Structure on Inflation

基于货币供应结构视角,对我国货币供应量中企业部门、居民部门存款对通货膨胀的影响的分析表明:居民部门存款对消费者价格有长期显著影响,在短期内对生产者价格和原材料、燃料及动力购进价格有显著影响;企业存款对消费者价格、生产者价格和原材料、燃料及动力购进价格均没有显著影响。由于企业存款是货币供应量变动的主要因素,因此直接着眼于规模调控的数量型货币政策工具可能是无效的,应更加注重对价格型货币政策工具的运用,同时应进一步加快收入分配以及价格形成机制改革。

Based on the perspective of the money supply structure, this paper analyzes the impact of the deposit of the enterprise sector and the household sector on inflation in the money supply. The results indicate that from the perspective of the residential sector deposits, money supply has a significant impact on consumer price for long term, In the short term, there is a significant impact on the price of the producer and the purchase price of raw materials, fuel and power. Corporate deposits have no significant impact on consumer prices, producer prices and raw materials, fuel and power purchase prices. However, the corporate deposit is the main factor in the change of money supply. Therefore, focusing on the size of the control of monetary policy may be ineffective, monetary policy should strengthen the application of price based instruments, and should further accelerate the reform of income distribution and price formation mechanism.