中国货币供给与价格变动的实证分析

本文在回顾各个学派货币供给理论的基础上,综合分析了货币供给对于物价变动水平的影响.利用中国2001-2010年的经验数据,并通过格兰杰因果检验和Pearson、Spearman、Kendall相关性分析发现,货币供给对于价格水平有一定的助推作用,但对资产价格影响甚微.进一步的分析则表明,我国的货币政策对调节价格水平有一定的时效性,而且价格的调控难度也在逐渐增大.

An Empirical Study of Chinese Money Supply and Price Volatility

On the basis of reviewing different schools of money supply theory,this paper analyses the money supply's impact on the price level.Using the Chinese empirical data from 2001 to 2010,the Granger causality test and correlation analysis(Pearson,Spearman,and Kendall) indicate that the money supply do have positive impulses on the price level,but its influence on asset prices is paltry.Through further study we find that when Chinese monetary policy is used to adjust the price level,time lags exist,and the regul...