自从 2010 的后者一半,通货膨胀的一个新回合逐渐地在中国一直在表明。过量钱供应是否为这通货膨胀负责的争论吸引了学者在通货膨胀上调查钱生长的效果。在这份报纸,我们使用关联分析证实在钱的总数和通货膨胀的生长之间的 comovement。我们用 Markov 切换政体的模型探索在通货膨胀上的钱的政策的不对称的效果。实验结果证明那条钱的政策能在比在处于一个低通货膨胀状态增加价格水平处于一个高通货膨胀状态限制通货膨胀是更有效的。然而,简单地紧缩钱供应可能不是足够的压制价格水平。到这个目的,中国政府应该采用另外的政策,例如供应稳定政策,到帮助压制价格水平。我们的学习能帮助决策者决定实际经济状态并且为当前的通货膨胀提供一些政策含意。
Since the latter half of 2010, a new round of inflation has gradually been manifesting in China. The debate regarding whether excess money supply is responsible for this inflation has attracted scholars to investigate the effects of money growth on inflation. In this paper, we use correlation analysis to confirm the comovement between growth of monetary aggregates and inflation. We explore the asymmetric effects of monetary policy on inflation using the Markov regime-switching model The empirical results show that monetary policy can be more effective in curbing inflation in a high inflation state than in boosting the price level in a low inflation state. However, simply tightening the money supply might not be sufficient to suppress the price level To this end, the Chinese Government should adopt other policies, such as supply stabilization policies, to help suppress the price level Our study can help policy-makers to determine the actual economic state and provides some policy implications for the current inflation.