CPI vs. PPI: Which drives which?

被引：6
|
作者：
Fan Gang [1 ]
He Liping [2 ]
Hu Jiani [2 ]
机构：
[1] Natl Econ Res Inst, China Reform Fdn, Beijing 100081, Peoples R China
[2] Beijing Normal Univ, Sch Econ & Business Adm, Beijing 100875, Peoples R China
来源：
FRONTIERS OF ECONOMICS IN CHINA | 2009年 / 4卷 / 03期
关键词：
consumer price index (CPI); producer price index (PPI); price transmission;
D O I：
10.1007/s11459-009-0018-z
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The consumer price index (CPI) and producer price index (PPI) are interrelated but significantly different concepts. Relationships between the two indices may be that of causality or non-causality. The paper conducts a Granger-causality test on China's CPI and PPI data for the period from January 2001 to August 2008, and finds that CPI Granger causes the change in PPI, and the latter reacts to the former with a time lag of 1-3 months. The result may suggest that in contemporary Chinese economy, demand-side factors have played a more important role than supply-side factors, although the two sides both have influences on domestic inflation trend which is measured by CPI.
引用
收藏
页码：317 / 334
页数：18
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