中美货币政策对结构性通货膨胀影响的比较研究——基于美国货币政策转向背景  

A Comparative Study of the Impact of Monetary Policy on Structural Inflation in China and the United States:Based on the Background of US Policy Shift

作　　者：严佳佳 王逸敏[1] Yan Jia-jia;Wang Yi-min

机构地区：[1]福州大学经济与管理学院,福州350001 [2]福建省金融科技创新重点实验室(福州大学),福州350001

出　　处：《亚太经济》2023年第4期35-48,共14页Asia-Pacific Economic Review

基　　金：国家社科基金重大研究专项项目“金融扩大开放格局下货币政策与宏观审慎政策有效协调研究”(20BJY234);福建省自然科学基金项目“双支柱调控框架下货币政策与宏观审慎政策协调机制研究”(2019J05025)。

摘　　要：基于CPI、PPI价格指数走势背离的现实,以美国货币政策转向为背景,从中美两国数量型和价格型货币政策对CPI、PPI二者“剪刀差”的影响入手,通过构建结构向量自回归模型,比较分析两国不同类型货币政策对结构性通货膨胀的影响机制。实证结果表明,两国货币政策对结构性通胀的影响既有相同之处,也存在差异;美国货币政策转向对两国货币政策的调控产生了异质性影响;两国数量型货币政策和价格型货币政策对结构性通胀的调控效果均呈现出非对称性的特征。据此,提出提升中国货币政策治理结构性通货膨胀有效性的政策建议。Based on the fact that the trend of CPI and PPI price index deviates from each other,taking the US monetary policy shift as the background,this paper studies the impact of quantitative and price-based monetary policies on the scissors gap between CPI and PPI in China and the United States,and constructs a structural vector autoregression model of monetary policy in China and the United States.This paper compares and analyzes the impact mechanism of quantitative and price-based monetary policies on structural inflation in China and the United States.The empirical results show that there are both similarities and differences in the impact of monetary policy on struc-tural inflation in the two countries;The shift of monetary policy in the United States has a heterogeneous im pact on the structural inflation control of monetary policy in the two countries;The effects of quantitative mone-tary policy and price-based monetary policy on structural inflation in the two countries are asymmetric.Accordingly,this paper puts forward policy recommendations to enhance the effectiveness of China's monetary policy to control structural inflation.

关 键 词：数量型 价格型 货币政策 结构性通胀 美国量化宽松 

分 类 号：F820.5[经济管理—财政学]