传统观点认为,能源价格波动主要由生产成本、产业政策、技术进步和能源产区的国际地缘政治等供给性因素决定,其对物价水平的冲击是短期的、外生的。中央银行货币政策对价格的关注重点应当是剔除能源、食品等价格变化之后的核心通货膨胀,能源价格不应成为中央银行货币政策关注的重点。然而,近年来中国等新兴经济体的实践正对这一观念形成挑战。一方面,能源价格对我国通货膨胀的影响越来越具有广泛性和长期性,能源价格 The traditional view is that energy price volatility is mainly determined by the supply factors such as production costs, industrial policies, technological progress and international geopolitics in the energy producing areas. The impact on the price level is short-term and exogenous. The central bank’s monetary policy focus on prices should focus on excluding the core inflation after the price changes of energy sources and foodstuffs, and energy prices should not become the focus of the Central Bank’s monetary policy. However, the practice of emerging economies such as China in recent years is challenging this notion. On the one hand, the impact of energy prices on China’s inflation is more and more extensive and long-term, energy prices