EconPapers    
Economics at your fingertips  
 

我国“货币中性”再检验

The Re-test of Monetary Neutrality in China

Kun Xu and Wenli Xu (xuweny87@163.com)

MPRA Paper from University Library of Munich, Germany

Abstract: monetary neutrality exerts essential importance on the making of monetary policy targets, and its effect. This paper, by employing IRF and AIRF, tests the characteristic of monetary neutrality in china, plus fluctuation features as well. The testing results show: monetary stock, whatever defined by M0, M1, or M2, presents non-neutrality feature, increase of growth rate of M2 can bring permanent accumulative loss on real output; there is oscillation feature from real output, by giving monetary growth shock. Its underlying policy suggestions are: money in the short-run cannot be taken as stabilizer of economic growth; there are trade-offs between target of economic stable and growth; stable speed of money growth benefits economy stabilization

Keywords: Monetary Neutrality; Phillips Curve; Accumulative Impulse Response Function; Oscillation Response (search for similar items in EconPapers)
JEL-codes: E1 E5 E6 (search for similar items in EconPapers)
Date: 2015-08
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/71080/1/MPRA_paper_71080.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/71080/2/MPRA_paper_71080.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:71080

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter (winter@lmu.de).

 
Page updated 2025-03-19
Handle: RePEc:pra:mprapa:71080