The coordinated analysis about the Intermediate target of money supply and target transparency

摘要

After the analyzing the Intermediate target of monetary policy, this paper thinks the money supply, as the Intermediate target of money supply, is one of the basic terms for being target transparency, must check the long-time balance between the money supply and output and verify that the money supply is possible for being intermediate target. The paper analyzes the long time balance of output money supply coordinately, using the year-statistics. The conclusion shows: there is no coordinated relation between the output, price level and the narrow money supply, board money supply. So the money supply is not the effective intermediate target of monetary policy. Because the money supply takes for the basic terms for being target transparency, we thinks our Chinese money supply can not be the target transparency now.