本文通过对 2001—2011年四十四个季度的宏观数据，运用演绎归纳的思路剔除了不 显著的影响因素，设定了相对精确的计量模型，然后通过协整检验和SVAR框架进行实 证检验，分析了长期和短期中过剩流动性，外汇占款，经济增长缺口,劳动力成本和汇 率变动对国内通货膨胀的影响程度。结果表明:治理当前我国通货膨胀的关键在于防止 经济过热，控制投资规模和对冲外汇占款。

Based on the 2001-2011 forty four quarters macro data, using deductive and inductive thinking does not exclude a significant factor, setting a relatively precise measurement model, and then through empirical framework for co-integration test and SVAR inspection, analysis of long-term and short-term excess liquidity, foreign exchange, economic growth gap, labor costs and the degree of exchange rate movements on domestic inflation. The results showed that: China's current inflation is a key governance is to prevent the economy from overheating, control the scale of investment and hedge foreign exchange.

一、引 言
二、文献综述与问题提出
三、数据与变量的选取及检验
四、模型设定
五、结论及建议

• 张跃平(湖北武汉，中南民族大学教授、博士研究生导师、校学科带头人) | Zhang, Yueping
• 张耀天(辽宁省朝阳市，中南民族大学金融工程本科) | Zhang, Yaotian
• 韩建飞(重庆市开县，中南财经政法大学金融学院硕士研究生) | Han, Jianfei