关键词: 通货膨胀 , 房地产价格;货币 , 货币主义 , 凯恩斯主义

Abstract: Inflation in China was mainly attributed to structural factors or cost-push type factors. However,this paper showed that monetary expansion and high housing price were fundamental driving factors of inflation in China since the mid-1990s. This paper applied Meltzer's new monetarism framework in conjunction with an extended AS-AD model with structural imbalances in both supply and demand sides. This paper proposed that the non-market interest rate system was the financial institutional foundation for the housing-price-driven inflation in China. From the perspective of institutional arrangement,policy-makers should put more weight on balancing supply and demand of the economy,instead of focusing on demand management.

Key words: inflation , housing price , money , monetarism , Keynesianism