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| Author: | Si, Yongdong |
| Title: | Positive study of selection of intermediate target of China's monetary policy (original in Chinese) |
| Journal: | Economic Science (c)
1999 : 1, p.34-38 |
| Index terms: | MONETARY POLICY CHINA |
| Language: | chn |
| Abstract: | According to the theory of metrological economics, this paper makes a positive study as to the relationship between money supply (Mo,M,orM2) and outp ut price. The results show that althought all the economic variables of China's macro economy are an unstable I(1) course, the relation between money supply and economic activities (out put and price) is quite close, and Mo and output and price present a long-term stable balance relation. The above conclusion shows that the central bank should take M0 as the intermediate target, pay close attention to the changes of M0 and at the same time monitor the changes of M1 and M2 to ensure that they and M0 synchorize basically when implementing a correct monetary policy. |
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