广义货币流动性内生性与协整关系的实证研究

A Positive Research on Endogeneity and Cointegration of the Liquidity of General Money

该文应用Granger因果关系检验、协整分析和误差修正模型,对我国广义货币流动性(M1/M2)作了实证研究.研究结果表明,广义货币流动性具有内生性因而是不可控的,但它与主要宏观经济变量之间存在长期均衡关系.最后用误差修正模型揭示了它的短期调整规律.

This paper carries out a positive research on liquidity of general money using Granger causality test, cointegration approach and error correction model. The research shows that the liquidity of genernal money is endogenous and uncontrollable. There is a longterm equilibrium relationship between M1/M2 and the main macroeconomic variables. The relevant error correction model that describes the mechanism of shortterm adjustment is built.