【摘要】 研究货币理论中关于货币供给的内生性或外生性问题．在向量自回归模型基础上，通过格兰杰因果检验对我国货币供给的内生性或外生性作了实证检验．结果表明，我国的货币供给具有较强的内生性质，这意味着以货币供给为操作目标的货币政策对经济的调节作用有很大局限性．因此，货币当局应采取有效措施，切实解决货币供给的内生性问题．更多还原

【Abstract】 It is an important problem tightly connected with monetary policy whether the money supply is exogenous or endogenous. This paper, based on Granger causality test in a vector autoregressive process, empirically analyzed the money supply in China. The conclusion is that the Chinese money supply is endogenous. This means the indirect monetary policy will not be very effective when it is used to regulate macroeconomics and the central bank should make great efforts to solve this problem.更多还原