货币供给量作为货币政策中介目标适应性研究

文章围绕货币政策中介目标的可测性、可控性和相关性特征,系统地对货币供应量作为货币政策中介目标的有效性进行模型分析和数据检验。研究结果表明:货币供给的内生性增强,货币供给的可控性降低;短期货币需求和货币流通速度不稳定,货币供给的可测性较差。但是,货币供给量与GDP和物价之间的相关性较好。

A Research on Adaptability of Money Supply as the Intermediate Target

Based on the intermediate target's characters of controllability,relevance and predictability,this paper systematically studies the adaptability of money supply as the intermediate target by model analysis and data testing.The results show that the effect of money supply as the intermediate target is not satisfactory,but satisfactory in some aspects such as the control of inflation and economic growth.Meanwhile,it gives some advices on the choice of the intermediate target.