协整方程设定与中国货币需求函数

货币需求函数是调节货币供应量的重要依据。就目前的研究来看,由于宏观经济数据的不平稳倾向,货币需求函数的研究都是在协整的框架内进行的。但国内学者基本上都忽视了协整方程设定对我国货币需求函数结论的影响,在国外,这一点已经引发了大量的文献。本文对我国的货币需求函数和协整方程设定之间的关系进行了研究。我们的结论是在1990-2004年间,我国的货币需求函数受到了协整方程设定形式的影响,在存在的协整关系中实际货币需求对实际GDP的弹性为1.46,对通货膨胀的半弹性为-0.865。

The Specification of Cointegration Equation and Currency Demand Function in China

Money demand function is the basis of the money supply. The recent studies constrain themselves into the framework of cointegration, for the macroeconomic data are showed to be no stationary. The scholars in our country have ignored the effect of the cointegration equation on the money demand function, which had already intrigue tremendous literature aboard. In this paper, we study the relation between the specification of cointegration and money demand function. Our conclusion is that whether the stable money demand function in china between 1990 and 2004 exists or not depends upon the specification of cointegration equation. In the equation that cointegration exists the real GDP elasticity and deflator half-elasticity for real money balance is 1.46 and -0.865, respectively.