摘要
本文定义了货币M1的一个新增长率,以其值作为与实际经济增长率相适应的中介目标值;定义了货币M1的一个超额增长率,以其负值作为与通货膨胀率相适应的中介目标值;在此基础上,重新确定M1货币增长率的值作为中介目标值。实证表明在中国这样确定的货币政策中介目标值与经济增长和通货膨胀最终目标一致。
This paper defines a new growth rate of M1 money and uses its target value as the interme- diate target value of economic growth rate. It also defines an excess growth rate of M1 money and uses its negative target vale as the intermediate value of inflation rate. Based on the both target value of new growth rate and excess growth rate, it finally redefines the target value of old growth rate of M1 money and uses it as the target value of M1 money policy. The empirical analysis has approved that this kind of target value of M1 money policy is an appropriate choice to match the ultimate target of economic growth and inflation in China.
出处
《经济理论与经济管理》
CSSCI
北大核心
2013年第10期71-82,共12页
Economic Theory and Business Management
基金
教育部人文社会科学研究青年基金项目(11YJC790046)
中央财经大学青年科研创新团队支持计划项目
关键词
货币超额增长率
通货膨胀率
货币政策中介目标
excess growth rate of money
inflation rate
intermediate target of monetary policy
