破除通缩恐惧论（Break the fear of deflation）.docVIP

破除通缩恐惧论（Break the fear of deflation） Breaking the fear of deflation China should adhere to the dual orientation and macro policy The current round of Chinas macro economic adjustment has entered its final critical stage. The downward pressure on economic growth and general prices has increased, and the theory of economic deflation and depression in China has become popular again. The general price as macroeconomic variables have a cyclical attribute reduction in leverage, to adjust the period of bubble growth rate of decline or even modest is a negative growth regularity phenomenon, that inflation is low or deflation will inevitably lead to economic depression view is questionable. According to the current situation, the classification based on the need to get rid of deflation fears of deflation, deepen the realization of objective law to adjust the macroeconomic imbalances, adhere to the priority of the reform and adjustment of policy orientation of Beijings big eighteen has been formulated, enrich and perfect the policy of steady growth initiatives, for a new round of endogenous growth boom coming to lay the foundation. First, the three types of deflation have different attributes The general decline in prices is called deflation by economics. To analyze the reality of deflation, we must first scientifically identify the root causes and impacts of different types of deflation. There are at least three different types of deflation. One is in total demand variation with the liquidity trap and other factors constitute a very special environment may appear as bad deflation or malignant deflation, two in productivity growth than the growth of aggregate demand, the economy is still relatively rapid growth under the background of the general price decline or a moderate decline in the benign deflation or deflation, deflation is neutral three different forms among the two cases. The typical example of bad deflation is the great depression in the United States and Europe in