Influence of International Oil Price Fluctuation to China’s Inflation:Analysis Based on New Keynesian Phillips Curve

By introducing the oil price shock into the new Keynesian Phil-lips Curve(NKPC),this paper investigates the effects the oil price pass-through to inflation in China.According to the theoretical results,the influencing extent of international oil price fluctuation to China's inflation is determined by the dy-namic characters of NKPC and the share of oil input in production in China.The results of empirical analysis show that the oil augment NKPC in China has the classical dynamical characters of NKPC,the short run pass through effects of oil price to various inflations are positive,as well as the long run effects are not statistically significant.