【摘要】 对2000年1月至2012年5月流通中的货币、狭义货币、广义货币进行结构变化的内生断点检验。综合结构变化单、双断点检验的结果,发现两种实证检验的结果是基本一致的。内生断点频繁地发生于2009年第一季度,金融危机爆发后扩张型货币政策使得货币供应量出现向上的截距漂移。其他断点发生在2004年6月、2007午2月和2010年2月等,这些断点也与特定的货币政策下的重大离散事件相对应,重大离散事件对货币供应量产生持续影响。更多还原

【Abstract】 The endogenous breakpoints of the structural changes of China’s money supply classified as MO,Ml and M2 are investigated by using the monthly data from December 1999 to April 2012.The results show that the expansionary monetary policy implemented after the outbreak of the financial crisis makes the time series of money supply drift of its intercept upward because of the endogenous breakpoints frequently occur in early 2009.Meanwhile,the results show there are some other breakpoints appearing in May 2004,February 2007 and February 2010,etc.These indicate that the major discrete events take the key roles in China’s money supply and the monetary policies are effective in changing the growth paths of money stock.更多还原