Abstract: Recently,China's Consumer Price Index rises sharply,which represents the emerging inflation pressure.Chinese monetary authority has adopted a series of tight monetary policies to curb the inflation.However,one of the most important features of the present inflation is the structural adjustment of prices.The deep-level reason is the necessity of rectifying the distorted price system of factors of production and adjusting the economy development mode.Furthermore,there is deviation between the money supply growth rate and the inflation rate.Hence,the further tight monetary policies are inefficient on curbing the recent inflation.The comprehensive countermeasures should be carried out to control Chinese economy.

Key words: inflation, tight monetary policy, prices of factors of production, economy development mode

摘要： 近期我国出现了居民消费物价指数快速上涨的现象,通货膨胀压力逐步显现,货币当局采取了一系列紧缩性货币政策。然而当前通货膨胀的重要特征是结构性价格调整,其深层次原因是扭曲的要素价格体系的调整和经济增长方式的转变,数据也显示货币供给量的平稳增长和通货膨胀率存在背离的现象。因此,继续采取紧缩性货币政策应对当前通货膨胀是低效的,应当综合采取多种政策手段实现对经济的调控。

关键词: 通货膨胀, 紧缩性货币政策, 要素价格, 经济增长方式