从货币非中性探究中国货币政策的有效性

The Validity's Analysis on Chinese Monetary Policy in the View of Money Non-neutral

货币是非中性的,货币供给的变动最终不仅能影响名义价格与名义工资等名义变量,而且对实际产出等实际变量有影响。从货币非中性探究中国货币政策的有效性,建立中国货币政策有效性理论模型并进行实证分析表明,中国的货币政策促进了经济发展,但其有效性未完全发挥。

Money is non-neutral,the monetary supply not only affects nominal variable,but also does factual variable. Based on Marxist monetary theoretics, we can analyze the validity of Chinese monetary policy. Concerning the actual facts of China, we validate the theoretics using systematic data and econometrical positive analysis. At last,we demonstrate the conclusion that the monetary policy promote economy＇s development efficiently, but the validity does not exploit completely.