“货币长期中性”对经济增长的意义

The Significance of "Monetary Long-run Neutrality" for Policy

本文强调货币中性与货币非中性两个概念都有重要的政策意义 ,前者指明了经济持续增长的根本动力不在货币而在技术与制度 ,后者则为短期内保持经济的平衡运行提供了政策工具。在分析货币供给与经济增长的关系时 ,实证研究应建立在理论与实际的基础上。我国经济的实际问题是生产效率增长乏力 ,解决的出路是技术的创新与制度的变革。

Both the ' monetary long run neutrality'and the 'monetary short run non neutrality'are of important significance for policy.The former one reveals that the economy growth is based on technology progress and institution improvement.And the later one offers the theory support for the government's instrument of monetary policy.The monetary policy′s function is realized through the channel of investment.But in China the investment is mainly carried out by the fiscal policy.So the 'monetary long run neutrality'is more important for policy maker.