我国长期内消费价格指数(CPI)与生产价格指数(PPI)之间存在协整和相互格兰杰因果关系,但在经济周期不同阶段内的传导关系并不相同。在经济上行阶段,CPI领先于PPI;而在经济下行阶段,PPI领先于CPI。传导关系的变化主要来自不同经济周期阶段企业行为的差异。传导关系的改变意味着不同时期我国的货币政策等宏观调控政策应关注不同的价格指标。 China’s long-term consumer price index (CPI) and the production price index (PPI) cointegration and mutual Granger causality, but in different stages of the economic cycle of conduction is not the same. In the economic upward phase, CPI leads the PPI; while in the economic downturn, the PPI leads the CPI. The changes in the conduction relationship mainly come from the differences in the behavior of enterprises in different economic cycle phases. The change of the conduction relations means that the macro-control policies such as monetary policy in different periods should pay attention to different price indexes.