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《Journal of Finance》 2002-06
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Long-run Monetary Neutrality in China: Theories and Evidence

Lu Jun Shu Yuan  
This paper reviews the literature of long run monetary neutrality. Via using methods of Granger Cause Test and Fisher Seater's Long run Derivative (LRD) Test, the author find that output is the Granger cause of money supply during the period of 1978 2000, and the test of LRD shows that we can not reject the proposition of long run monetary neutrality during the same period in China. The implication of these finds shows that it is impossible to achieve sustainable economic growth only by expansionary monetary policy. The authors argue that the target of monetary policy should be providing a stable monetary environment for the economy.
【Fund】: 国家自然科学基金重大项目研究课题“货币政策与宏观经济分析”课题成果之一 ;;项目编号 :79790 130
【CateGory Index】: F820
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