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本文以货币数量理论为基本的理论依据,在对货币数量方程进行评述的基础上,通过对交易产品的资产属性扩展,来构建同时包含实体经济产品价格与金融资产价格的货币数量方程,并利用这一扩展的货币数量方程来探寻经济增长、通货膨胀、资产泡沫与货币数量之间的关系,同时利用我国2004-2008年的相关月度数据对这些宏观经济变量及其相互关系进行了经验分析,从实证的角度证实了货币数量方程扩展的有效性。最后,综合经验分析结论与新的理论框架对当前我国通货膨胀预期管理及货币政策取向问题进行了深层次的思考。
Based on the theory of the quantity of money, based on the review of the equation of quantity of money, this paper constructs a monetary quantity equation that includes both the prices of the real economy products and the prices of the financial assets by extending the asset attributes of the trading products. This expansion of the monetary quantity equation to explore the relationship between economic growth, inflation, asset bubbles and the number of currencies, and use the relevant monthly data from 2004-2008 of China's empirical analysis of these macroeconomic variables and their interrelationships, From an empirical point of view, the validity of the expansion of the numerical equation of money is confirmed. Finally, the conclusion of the comprehensive empirical analysis and the new theoretical framework provide a deep-seated consideration of the current management of inflation expectations and the orientation of monetary policy in China.