关键词: 通货膨胀, 新凯恩斯主义, 菲利普斯曲线, 利率

Abstract: This paper constructs an interest rates augmented New Keynesian Phillips curve model and uses GMM methods to estimate and test the model with quarterly data during 1997 to 2008 in mainland China. Empirical results show that the interest rate is statistically significant and qualitatively important as one of inflation drivers and the effect is obviously more than many other foreign countries; current inflation dynamics is affected by inflation inertia and expectation together and the latter is playing a leading role; pricing behavior of firms reflects both forward-looking and backward-looking and the latter is in dominant position.

Key words: Inflation, New Keynesian, Phillips Curve, Interest Rate