我国货币政策中介目标有效性的实证研究

Empirical Study of the Intermediary Target Effectiveness of China Monetary Policy

对我国2001年1月至2008年9月的月度数据进行的实证研究显示:我国的工业增加值、金融机构人民币各项贷款和广义货币量之间存在长期稳定的关系,表明我国货币政策调控方式转变后以货币供应量为中介目标是有效的。

The empirical study of the monthly data from January,2001 to September,2008 indicates that there exists the long term stable relationships among the industrial added values of China,all the loans of RMB in financial institutions and broad monetary aggregate,which gives the evidence that the way to take the monetary supply as intermediary target is effective after the controlling mode change of monetary policy in China.