本轮经济波动的一个显著特征是作为衡量经济过热的重要指标之一的通货膨胀并不明显。本文以宏观总供给的形成、宏观总需求的形成和宏观经济运行的微观基础为线索 ,在历史地回顾和分析改革开放以来前四次经济周期性波动的内在特征的基础上 ,指出当前宏观经济运行已进入一个新时期 ,具有与以往经济波动不同的新特征 ,并着重从推动本轮经济增长的动力源和隐藏在其背后的深层内在矛盾角度给出了对本轮经济波动的新解释 A notable feature of this round of economic fluctuations is that inflation is not obvious as one of the most important indicators of an overheated economy. Based on the historical analysis of the intrinsic characteristics of the first four cycles of economic cyclical changes since the reform and opening up, this paper points out the current macroeconomic conditions, which are based on the formation of macro-aggregate supply, the formation of macro-aggregate demand and the micro-foundation of macro-economic operation. The operation has entered a new period with new characteristics different from the previous economic fluctuations. It also gives a new explanation of the current economic fluctuations from the point of view of pushing the power source of the current round of economic growth and the deep inner contradictions hidden behind it