我国货币政策中间目标选择的实证性研究

随着市场经济的不断完善,我国逐渐实现了货币政策的间接调控,并最终确立了以稳定币值并以此促进经济发展为我国货币政策的最终目标,相应地,确定合理的中间目标,完善我国货币政策的传导机制成为当前值得讨论的问题。以货币供应量作为货币政策的中间目标为我国理论界所普遍认同,但是以哪个层次的货币供应量作为货币政策的中间目标还有待进一步研究。文章应用协整方法验证了广义货币M2作为我国货币政策中间目标的合理性。

Empirical Study of China Intermediate Target of Monetary Policy

With the establishment of the market economy, China has finished the transition from direct to indirect macro-adjustment within the central bank, hereafter, sets up the ultimate objectives of monetary policy. Taking money supply as the intermediate objective is widely adopted. However, to taking which level of the money supply as the intermediate objective is to be investigated. Furthermore, this article uses cointegration method to give a optional answer.