中国居民现金需求研究

该文通过一个动态 Baumol-Tobin 模型来研究中国居民的持币行为,该模型在以下方面改进了已有的研究:建立在动态决策基础之上,引入了货币化因素、居民存货行为以及货币调整成本.模型结果表明:现金需求函数中的变量之间的匹配性至关重要.同时函数的动态结构由债券一现金转换成本与货币调整成本函数的具体形式决定.最后,我们分别使用季度与月度数据估计了基于交易的误差修正模型(ECM),结果验证了该种设定下名义利率影响显著、通货膨胀率影响不显著的结论,同时表明名义利率的影响随时间而增强.

ON CASH DEMAND IN CHINA

this paper analyzes individual money demand in the context of a dynamic general equilibrium version of baumol-tobin model and applies it to estimate money demand in china.the model distinguishes itself in the following two aspects:first, it is based on dynamic decision;second,it introduces into the model the monetization process,inventory choice,and adjustment costs of money demand.several implications of the model are explored.we estimate the transactions-based error-correction model by using china's quart