中文摘要：

本文主要通过对Quah和Vahey的两变量结构向量自回归（SVAR）模型进行扩展。建立了包括产出、通货膨胀、货币供应量和食品价格的四变量SVAR模型来估计中国的核心通货膨胀率。根据估计出的核心通货膨胀率。分析我国核心通货膨胀的特征．说明我国的核心通货膨胀确实能更好地反映通货膨胀潜在的长期趋势。在政策方面．强调中央银行在制定和实施货币政策时．要适度关注核心CPI的变化．从而使货币政策在保持长期物价稳定的同时．可以控制短期的通货膨胀，实现动态平衡。

英文摘要：

The paper estimated China＇s core inflation rate through the SVAR model. Extended from Quah and Vahey＇s （1995） two-variable SVAR model, it establishes a four-variable SVAR model, including output, inflation, money supply and food prices. According to the results, the characteristics of core inflation in China, shows that core inflation is indeed better in judging the underlying long-term trend of inflation. The results suggests that the central bank should pay attention to core CPI moderately when formulating and implementing monetary policy, therefore the monetary policy can maintain a dynamic balance between a long-term price stability and a short time inflation control.