通货紧缩理论界定与衡量的新认识——对我国通货紧缩再抬头的思考

Re-consideration of the Definition of Deflation and Reflection on the Re-growing-up of Deflation in China

2001年下半年起,我国通货紧缩重新抬头,这使得我们有必要重新审视以往对通货紧缩的研究。事实上对通货紧缩应该从广泛的外部标志来定义,在此基础上,将实际货币量紧缩与价格总水平的持续下降两个要素作为衡量通货紧缩的标志。以此标准评判我国通货紧缩重新抬头问题,我们认为是积极财政政策实施以后出现的一些供求方面的新问题所使然。

Since the second half of 2001,deflation has been growing up again in China,which makes it inevitable to reexamine the formert studies on deflation .It is recommended that deflation should be defined more extensively from exterior signs,on which basis,the contraction of actual money supply and descend of price index should be regarded as two main guidelines to gauge deflation .The paper holds that some new problems in supply and demand which have occurred after Chinese government implemented the active financial policy have hindered the further full play of its effects.