采用4个变化的口头双向拍卖模拟市场(2个先稳定后通胀,2个先通胀后稳定),本研究发现通胀市场中的预期与理性预期假设吻合良好,同时通货预期不受通胀率的影响。相反稳定市场不支持理性预期模型。结合Williams(1987)的研究结果,本研究提示市场设置是影响稳定市场和通胀市场表现差异的主要原因。 Using a four-way verbal bi-directional auction to simulate the market (two stabilizing post-inflation and two post-inflation stabilizing), the present study finds that expectations in the inflation market are in good agreement with rational assumptions, while inflation is not affected by inflation expectations . On the contrary, the stable market does not support the rational expectation model. Combined with the results of Williams (1987), this study suggests that market setting is the main reason that affects the performance differences between the stable and inflation markets.