我国房价近几年来持续走高,并在一系列打压政策下依然坚挺,成为普遍关注的问题。而有些人把房价上涨与我国目前的通货膨胀联系起来,认为房价上涨导致了通胀的预期。本文从房价棘轮效应的原因出发,研究其对我国货币机制的影响,从而发现房价上涨不仅不会推动通胀,反而会形成未来通货紧缩的预期。 China’s housing prices continued to rise in recent years, and a series of suppression policies remain firm, a widespread concern. While some people linked the rise of housing prices with the current inflation in our country, it is believed that the rise of housing prices has led to the expectation of inflation. Based on the reasons of the ratcheting effect of house price, this paper studies the impact of ratcheting on China’s monetary system, and finds that the rise of house price will not only promote inflation, but will result in the expected future deflation.