从企业通胀预期看资产价格对物价水平的影响--基准模型与中国借鉴

Influence of Asset Price on Price Level Based on Inflation Expectation of the Enterprise——Benchmark Model and Reference for China

企业作为市场经济的重要参与主体,其行为对物价水平有着显著影响,而受资产价格影响的企业通货膨胀预期是重要因素之一。综合运用理论分析与数理分析,对传导渠道进行研究发现:资产价格通过现有物价水平、企业对未来影响物价水平因素以及发生财务危机的预期使企业通货膨胀预期发生更大幅度的同向变化,进而使总需求正向变化,总供给负向变化,从而对物价水平产生正向的影响,且这种影响在发达国家更为明显。

As an important participant in the market economy,the behavior of the enterprise has a significant impact on the price level,and corporate inflation expectations,which are affected by asset prices,are one of the most important factors.This paper comprehensively uses theoretical analysis and mathematical analysis to study the transmission channel.It is found that the asset price,through the existing price level,the factors affecting the price level in the future by the enterprise and the expectation of financial crisis,makes the inflation expectation of the enterprise change in the same direction to a greater extent,and thus makes the total demand change in a positive direction and the total supply change in a negative direction,thus having a positive impact on the price level.And this effect is more pronounced in developed countries.