中国货币经济典型特征、国际比较及其货币政策含义

The Stylized Factors of Chinese Monetary Economy,International Comparison and Policy Implications

本文以中国货币政策变量为出发点,研究货币政策变量与其他宏观经济变量之间的关系。通过国际比较发现,与世界其他主要经济体相比,中国货币变量与其他变量之间的相关性更强;中国经济中包含着不稳定机制,从而增加了货币政策调控的难度;中国并不存在简单的上下游价格传递关系。这些发现不仅刻画了中国货币经济的特征,也为货币政策选择提供事实基础。

Different from existing research about Chinese economy stylized facts, in this paper, we summarize the general characters in Chinese monetary economy, focusing the main monetary variables and compare them with the counterparts of the United States. In this way we aims to find the characters of Chinese monetary economy for further theoretical researches, validate existed ideas in Chinese money meehanisms and supply fact foundations for practical policy implements.