行为金融学与货币需求函数

1993年以来名义货币供给量M2在绝对量和增长率两方面均远远超过名义GDP。金融机构储蓄余额稳步增长。人们更多地选择以货币的形式保持收入和财富,而货币政策对经济增长的促进作用似乎并不明显。这种状况与人们的经济行为和心理有着密切关系。

Since 1993 nominal money supply M2 has exceeded nominal GDP in both absolute amount and growth rate. Savings balance of financial institutions is steadily increasing. People choose much more money as the form to maintain their income and wealth, while the effects of monetary policies to promote economic growth seem indistinctive. This situation closely relates to people＇ s economic activities and psychologies.