【摘要】 美国巨额贸易逆差为低通胀做出了贡献 ;虚拟经济的繁荣平抑了物价波动 ;劳动生产率的提高与股票期权制、员工持股制抑制工资上涨压力 ,割裂了物价与工资互动的基础 ;而强势美元政策与知识经济的运行规律本身具有紧缩效应。美国低通胀的经验 ,可以启发我国关注I<S形成的紧缩缺口 ,重视虚拟经济对物价的影响 ,适当采取扩张性政策 ,加快产业结构的调整 ,而不必过分担心通胀更多还原

【Abstract】 In the 1990s,the trade deficit has made much contribution to the low inflation in U.S. .The prosperous virtual economy restrains the price fluctuation. The high production efficiency and the practices of stock option and employee stockholder have stopped the positive relations of the wages and the price, which makes Philips Curve cease to be effective. Strong dollar policy and knowledge economy can also make deflation effect to some extent. The low inflation rate in U.S.suggests that we should pay more attention to the inflation problem in China, where the deflation gap caused by investment below savings can’t be eliminated. Therefore, China should appropriately adopt expanded policy to accelerate the adjustment of asset structures without worrying about the problem of inflation. Meanwhile, the effect, which the virtual economy has effected on the prices, should not be ignored.更多还原