目前主流经济理论对经济波动的解释看似对立,但都是注重短期总量分析,忽视了长期生产结构对经济的影响;奥地利周期理论,立足资本异质特征,强调资源的跨期配置,对经济周期的结构性特征具有很强的解释能力。本文首先简要批判主流经济周期理论,然后在奥地利学派的经济周期理论基础上构建一个结构性经济周期模型,这一模型能更好地分析货币—信用因素对宏观经济的扰动作用。 At present, mainstream economic theories seem to be antithetical to the explanations of economic fluctuations. However, they both focus on short-term aggregate analysis and neglect the impact of long-term production structure on the economy. Based on the heterogeneity of capital, Austrian cycle theory emphasizes the intertemporal disposition of resources. The structural features of the business cycle have strong explanatory power. This article first briefly criticizes the mainstream economic cycle theory and then constructs a structural economic cycle model based on the Austrian school’s economic cycle theory. This model can better analyze the disturbance of macroeconomy caused by the currency-credit factor.