WILL INTERNATIONAL COMMODITY PRICES AFFECT CHINESE CPI——ANALYSIS BASED ON THE BVAR MODEL
XIAO Zheng-yan,AN De-yan,YI Ya-li(Renmin University of China,Beijing 100872,China)
Research shows that international commodity prices really can affect Chinese CPI.Therefore,when taking macroeconomic policy to control price volatility,we should pay attention to the effect of the international commodity price,especially the international prices of industrial raw materials,on Chinese CPI.Furthermore,the price transmission mechanism has a lag;therefore to guard against inflation is more important than to control inflation.
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