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Chinese Journal of Management Science ›› 2004, Vol. ›› Issue (3): 38-43.

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Empirical Test of China’s Monetary Policy:1996-2003

HUANG Chang-li, REN Ruo-en   

  1. School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083, China
  • Received:2003-12-15 Revised:2004-05-18 Online:2004-06-28 Published:2012-03-07

Abstract: In this paper,we mainly apply cointegration test and Granger causality test to make empirical research on the effectiveness of China’s monetary policy in the period from 1996 to 2003.We find that monetary policy has low effectiveness to real economy.Some reasons are discussed.

Key words: monetary policy effectiveness, cointegration test, Granger causality test

CLC Number: