From Excess(Crunch)Liquidity to Structural Inflation(Deflation)
构建了一个分析流动性过剩与紧缩交替变化如何导致结构性通胀与通缩的框架，指出流动性陷阱是紧缩的极端情况，并建议完善货币政策、关注整体价格变化、推动经济结构调整以防范风险。
The paper attempts to give an analytical framework of alternative change between liquidity and inflation in macro-economic fields in recent years.Researches have shown that excess(crunch) liquidity is essentially the existence ofdouble imbalancesand the reflection of non-equilibrium market.Liquidity trap is an extreme case of crunch liquidity.Contradictions of economic structure due to savings and consumption imbalance would easily give rise to risks of loose monetary conditions and excess liquidity.With liquidity experiences from excess to crunch,price will also transform from structural inflation due to the expansion of asset bubbles to deflation due to the burst of those.Consequently,structural inflation due to excess liquidity,deflation due to crunch liquidity and the repeating alternatively will most likely to be the issues in macro-control in the long run. This calls for further improving the framework of monetary policy,more attention for overall price changes and promoting economic restructuring and reform aimed at expanding domestic demand,so as to enhance the ability of economic balance and sustainable development fundamentally and prevent macroeconomic risks in advance.