摘要
我国货币政策失效的根本原因在于货币供给是内生的,而不是中央银行可以控制的外生变量。本文在回顾内生货币理论发展历程的基础上,从基础货币与货币乘数两个方面论述了我国货币供给内生性的历史演变和作用机理,并用向量自回归模型对货币供应量与国内生产总值的格兰杰因果关系进行了实证检验。
What makes the monetary policies fail is the endogenity of monetary supply, that is, the central bank cannot apply much control upon monetary stock in an economic system. In this paper we first retrospect the theories of monetary endogenity, and then analyze its history and mechanism from monetary base and multiplier in our country. In the end, we use VAR model to test our hypothesis, and find that the result favor our conclusion firmly.
出处
《华东经济管理》
2003年第1期93-96,共4页
East China Economic Management
关键词
中国
货币供给
内生性
基础货币
货币乘数
monetary supply
monetary base
monetary multiplier
granger test
