中文摘要：

传统认为通货膨胀会导致资产价格上涨及资源再配置从而扩大居民收入差距。本文基于1996—2011的省际面板数据研究发现，我国的通货膨胀率与失业率存在显著负相关，表明菲利普斯曲线在我国存在，并且与经济增长伴随的价格水平上涨通过降低失业率，总体上缩小了居民收入差距。因此从经济增长、促进就业、甚至缩小收入差距的角度看，温和的通货膨胀是可以接受的。

英文摘要：

Traditionally it is thought that inflation will lead to asset price rising and reallocation of resources, and thus ex- pand the income gap. Based on the inter-provincial panel data from 1996 to 2011, this study finds that inflation has signifi- cant negative correlation with the unemployment rate, which indicates that the Phillips curve exists in China and the ascent of price level narrows the income gap by reducing the unemployment rate in overall. So moderate inflation can be accepted from the perspective of economic growth, promoting employment and narrowing the income gap.