Weighted Monetary Aggregates In China Study

Choosing the monetary policy intermediate target accurately is a prerequisite to realize the monetary policy goal. As monetary policy conduction mechanism's important link and one of intermediate targets, the money supply always receives the policy maker to take seriously. Regardless of being the developed country or the developing country, regardless of takes the money supply the monetary policy intermediate target the country, does not take the money supply the intermediate target the country, nearly is establishing the money supply statistical table. The reason that the money supply receives various countries universal recognition, to lie in it is monitors the currency to the economical function method. The money supply is whether moderate, not only immediate influence price, but also affects the national economy movement finally.The monetary aggregate's measure method has two broad headings, namely the simple-summed monetary aggregate and the weighting currency total quantity. The simple-summed monetary aggregate did not consider the property the currency degree, all currency property value summation will obtain directly currency total quantity. This means that the monetary assets the holder will constitute the currency total quantity each kind of monetary assets to regard as will be the complete substitute. However according to the microeconomics the demand theory, has the different currency motive to lie in the different currency the transaction function and the store of value method has the difference. In the real life the cash, the demand deposit, the regular deposit's rapidity of circulation, the medium function and the cash-ability are not different. Moreover in the last few years the domestic and foreign many scholar's variable and so on empirical study discovery simple footing currency total quantity and GDP, CPI relation vanishing, this for the currency authority judgment economic situation, the formulation monetary policy brings the difficulty. In the interest rate not yet completely in the marketability realistic situation, we should not abandon the money supply to take the monetary policy simply the intermediate objective, what needs to consider, how should revise the money supply, causes it to become the qualified monetary policy intermediate objective. But the weighting compiles the law is one kind of effective revision, it is entrusts with each property different weight according to the different property fluidity, considered fully the monetary assets incomplete vicariousness, the overseas real diagnosis result has demonstrated it in measurable, the controllability and the relevant fine nature. How then China's weighting currency aggregate does establish? Weighting currency aggregate in China whether also to display the outstanding performance? This article first introduced China and US the financial innovation impact, the simple-summed monetary aggregate cannot satisfy gradually the empirical analysis, but improves the statistical method unceasingly the way practice, carries on theoretically to the existing currency measure method combs the appraisal, pointed out that the simple simple-summed method violates the microscopic economic theory. In view of the fact that weighted index's merit, introduces the Divisia method .The simple-summed method attempt to establish our country currency weighted index, and using the unit root examination, the association entire examination, methods and so on Granger examination examines its nature. The result discovery take the monetary policy intermediate target's measurability, the controllability and the relevance as the standard, our country Divisia currency index has the superiority as a whole compared to the simple footing currency total quantity, the DivisiaMl performance is better in the controllability, but the DivisiaM2 performance is more superior with the GDP relations, but adds together the currency total quantity and GDP causal relation vanishing simply. The suggestion gives up the monetary aggregate which adds together simply taking the intermediary target, displaces gradually by the Divisia currency index, or takes the Divisia the monetary policy auxiliary intermediary target, and needs at the right moment to make the adjustment according to the economic situation, calculates the more precise weighted index, serves better for the monetary policy.