摘要
应用平稳性检验、协整性检验与因果检验,分析货币政策对经济政策与物价变动的影响,以此检验货币政策的有效性。实证结果表明,金融变量与经济增长、物价变动之间存在着长期稳定的因果关系,特别是80年代以来推行的市场经济改革,增强了中央银行选择货币供应量作为中介指标的可操作性,中央银行可通过控制货币供给总量来影响宏观经济活动,达到间接调控的目的。
With an application of stationarity test, cointegration test and causality test, this paper analyzes the effects of monetary policy on economic policy and price change, so as to test the effectiveness of monetary policy. Empirical result shows that there are steady relations between financial variables and economy growth, and causal relations between financial variables and price change. Especially, the market economic reforms that carried out since 1980's have strengthened the option of central bank's money supply. With quantity of money supply as an intermediary index, central bank can affect macroeconomic activities, and achieve the purpose of indirect control.
出处
《湖南大学学报（社会科学版）》
2003年第1期35-39,共5页
Journal of Hunan University(Social Sciences)
