论文认为 ,在价格总水平下降的初期 ,价格总水平的下降可能会通过庇古的财富效应、凯恩斯的利率效应和蒙代尔 -弗莱明汇率效应对总需求产生积极的影响。但是 ,随着价格总水平的持续下降 ,这种对总需求的扩张效应 ,会通过庇古财富效应的转向、凯恩斯利率效应的转向和蒙代尔 -弗莱明汇率效应的制约等 ,对总需求产生负向效应。这种对总需求负向效应对我国的经济改革和发展是极为不利的 ,反通货紧缩应该成为我国货币政策的目标 The dissertation argues that in the early stage of the decline in the general price level, the decline in the general price level may have a positive impact on aggregate demand through Pigou’s wealth effect, Keynes’s interest rate effect and Mundell-Fleming exchange rate effect. However, as the general price level continues to decline, this expansion effect on aggregate demand will be offset by the wealthy turn of Pigou, the shift of Keynesian interest rate effects and the control of Mundell-Fleming exchange rate effects, Demand has a negative effect. This negative effect on aggregate demand is extremely detrimental to China’s economic reform and development. Anti-deflation should be the target of China’s monetary policy