从整体趋势来看,各层次货币供应量和信贷规模不断增加,但也不乏短期的偏离,为探究其原因,本文运用单位根检验、Johansen协整检验,基于向量自回归(VAR)模型的Grange因果关系检验、脉冲响应函数等实证方法,从不同层次的货币供应量出发,探究各层次货币供应量与信贷规模的关系。以期深化对我国货币政策相关问题的认识,从而为货币政策的有效性以及解释现实问题提供理论基础和依据。 From the perspective of the overall trend, the money supply and credit scale at all levels continue to increase, but there is also no shortage of short-term deviations. To explore the reasons, this paper uses unit root test, Johansen cointegration test, Grange based on vector auto-regressive (VAR) Causal relationship test, impulse response function and other empirical methods, starting from different levels of money supply, to explore the relationship between money supply and credit scale at all levels. With a view to deepening our understanding of the relevant issues of monetary policy in our country so as to provide the theoretical basis and basis for the effectiveness of monetary policy and the interpretation of realistic problems.