【摘要】 文章引入汇率变动变量对开放经济条件下我国货币需求函数进行研究。经验结果表明:(1)汇率变动是影响我国长期货币需求稳定的关键因素,且汇率变动对我国货币需求有正向的影响;(2)线性误差修正模型描述我国广义货币需求动态并不合适,非线性误差修正模型则能对广义货币需求的短期动态机制进行较好的解释。更多还原

【Abstract】 This paper analyzes the money-demand function in open economy by introducing a variable of exchange rate change.Empirical evidence indicates: 1) Exchange rate change is the key factor to stabilize China’s long-term money demand and has a positive impact on money demand;2) A linear error-correction model fails to describe the dynamic broad money demand and the nonlinear ECM can appropriately explain the short-term dynamic mechanism of broad money demand in China.更多还原