On China's Inflation Persistence from 1994 to 2011:An Empirical Analysis in the Perspective of Aggregate CPI and Disaggregated CPI Components
利用1994-2011年总体CPI和分类CPI数据，通过网格自举无偏估计、结构突变检验和动态因子模型，发现中国通胀持续性在总体和分类层面都很高，且自2000年起有所下降，分类CPI的高持续性主要源于共同成分。
This paper analyzes the Chinese inflation persistence by using data of aggregate CPI and disaggregates CPI components in the period of 1994 -2011.It employs the grid bootstrap unbiased estimator,unknown structure break test and dynamic factor model to indicate the properties of inflation persistence.The main finding is that the inflation persistence is very high at both aggregate and disaggregates level and it has gone through a downward process from 2000.Factor model analysis finds the high level of Chinese disaggregate CPI components stems mainly from the high persistence of common components.