近一段时间来，中国的物价水平上涨已经成为当前人们经济生活中突出的问题之一，人们越来越感受到通货膨胀给生活带来的压力。研究通货膨胀的相关成因，有利于国家宏观调控政策的制定，保证经济稳定健康发展。本文以研究中国通货膨胀的相关成因出发，以探究货币供应量、外汇储备、工业品出厂价格、职工平均货币工资与通货膨胀之间的因果关系为目标，通过实证分析中国1995年12月至2011年3月期间的通货膨胀与各相关变量的相互关系，得出货币供应量、外汇储备、工业品出厂价格与通货膨胀存在格兰杰因果关系。此外，利用分布滞后模型对货币供应量、外汇储备对通货膨胀的滞后效应进行了相关研究，结果显示货币供应量和外汇储备对通货膨胀有23个月左右的滞后期。

Recently, the rice of China's Price level has become one of prominent problems in people's economic life issues that they feel the more and more pressure from inflation. It is necessary and favorable to research the causes of inflation, which is benefit conducive to the development of national macro-control policies to ensure economic stability and healthy development. This paper is on the basis of the causes of inflation in China and aim at exploring the money supply, foreign exchange reserves, industrial producer prices,and the average money wage workers' causal relationship with inflation. By empirical analyzing the data from December, 1995 to March, 2011, we obtained that money supply, foreign exchange reserves, industrial producer prices exists Granger causality with inflation. In addition, this paper research the lagged effects of inflation based on money supply and foreign exchange reserves by using of distributed lag models, research showed that money supply and foreign exchange reserves have around 23 months lag on inflation