通货膨胀是投资者进行资产配置时面临的主要问题,其不仅会影响投资者的投资决策,也会对其投资收益产生重要影响.文章在CRRA(constant relative risk aversion)假设下,效用函数同时考虑了投资者的消费和最终财富.在约束条件下,文章求解了一般均衡时的最优消费和最优财富,与此同时得出t时刻财富与消费的比值实际上是年金债券的结论,并在此基础上得出了一般情况下的投资组合策略.当存在通货膨胀时,文章利用指数债券对冲通货膨胀风险,求解出远期期望消费和远期期望财富,最终得到通货膨胀条件下的投资组合策略. Inflation is the main problem that investors face when allocating assets, which not only affects investors’ investment decisions but also affects their return on investment significantly.Under the assumption of constant relative risk aversion (CRA), the utility function considers both Under the constraint conditions, the paper solves the optimal consumption and the optimal wealth in the general equilibrium, and at the same time concludes that the ratio of wealth to consumption is actually the conclusion of the annuity bonds Based on this, the general portfolio strategy is obtained.When inflation exists, the article uses index bonds to hedge against the risk of inflation, solves the expected future consumption and long-term expected wealth, and finally obtains the investment under the condition of inflation Portfolio strategy