中文摘要：

本文首次采用最新发展的样本外Granger因果检验等技术方法，对中国通货膨胀的“输出性”与“输入性”特征展开系统性的研究，并结合滚动广义脉冲响应技术方法，从动态分析的角度对中国在价格国际传递链中的地位与作用展开深入分析。在此基础上，本文进一步考察在不同汇制区间，中国物价变动的“输入性”特征，并指出，2005年启动的汇率形成机制尚无法有效地吸收来自国外物价变动的冲击，汇率的“通胀屏蔽功能”并未显现。最后，本文进一步提出现阶段“实现价格稳定”的若干启示与政策建议。

英文摘要：

Based on the more recently developed technique of out-of-sample tests for Granger causality （ McCrackeu, 2007 ）, this paper investigates systematically the exported and imported characteristics of Chinese inflation. We also employ the technique of rolling impulse response analysis （Yang et al., 2006a ） to investigate the role of China in international transmission of price and external imported feature of China＇ s inflation under different exchange rate regimes. We show that inflation in China exhibits external imported feature and China＇ s new exchange rate regime introduced in 2005 do not insulate the domestic price levels from foreign inflation shocks. Finally, we put forward to some advice to keep the price stability.