【摘 要】
:
货币政策是影响国内物价水平的重要因素,结构性货币政策是货币政策的创新,主要采取定向投放货币方式,推出的目的是调整经济结构,但对物价的影响还有待探究。本文选取2010年12
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货币政策是影响国内物价水平的重要因素,结构性货币政策是货币政策的创新,主要采取定向投放货币方式,推出的目的是调整经济结构,但对物价的影响还有待探究。本文选取2010年12月至2016年8月的货币供应量数据,运用单位根检验、协整检验、Hodrick-Prescott滤波法、CHOW检验及格兰杰检验等方法,从结构突变金融理论的视角考察了结构性货币政策对物价水平的影响。研究结果显示,物价水平和货币供应M1、M2的“剪刀差”之间不存在长期均衡关系,且货币“剪刀差”不是物价水平波动的格兰杰原因,基于此本文提出了新常态下稳定物价水平的货币政策建议。
Monetary policy is an important factor that affects the domestic price level. Structural monetary policy is the innovation of monetary policy. The monetary policy is mainly directed-to-monetary. The purpose of the monetary policy is to adjust the economic structure. However, the impact on the price remains to be explored. This paper selects the money supply data from December 2010 to August 2016.Using the methods of unit root test, co-integration test, Hodrick-Prescott filter, CHOW test and Granger test, The Impact of Structural Monetary Policy on Price Level. The results show that there is no long-run equilibrium between the price level and the “scissors” of the money supply M1, M2, and the Granger reason that the currency “scissors difference ” is not the price level fluctuation. Based on this, Monetary policy recommendations to stabilize prices.
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