A Comparative Study Of Money Supply As The Intermediate Target Of Monetary Policy In China And The United States

This report makes monetary policy intermediary goal as the main research object.Firstly an appropriate intermediary goal needs to have three basic attributes: controllability,predictability,and with the ultimate goal of positive correlation.Based on keynesianism and monetarism economic theory,the report combine theory claims that background,summed up the theory support of monetary policy intermediary goals such as interest rates,inflation,etc.,providing theoretical basis for the choice of monetary policy intermediary goal.After provide theoretical foundation,in this report,the U.S.monetary policy intermediary goal change process were studied,the key point of the correction or change the intermediary target,elaborates the historical background and the change of factors considerations and measures,from the aspects of transmission mechanism,the effectiveness of change is analyzed,summarized the American ideas shift change the intermediary target and the macroscopic change in the environment.Then about China's currency intermediary goal from scratch,from the change course of credit to the money supply and monetary policy intermediary goal of the money supply in the feasibility study,through the data analysis,it is concluded that China's current intermediate target on the effectiveness of change trend.Thus it is concluded that China under the current intermediary target of monetary policy is unlikely to better adapt to the current economic environment,unable to effectively solve economic problems.Moreover,the report discusses the necessity of China changes intermediary goal.Combined with the change process and way of thinking,to distinguish between the two countries in climate differences,such as economy,politics,and China in the conduction mechanism,macro market integrity and legal laws and regulations,etc,gap with the United States,extracting the intermediary target change course of Chinese change course of general revelation and reference,such as the early prediction of the future is adapt to the future to establish "forward-looking" intermediary goal and establishing diversified intermediary target group idea set provides a train of thought for China's future intermediary goal.It summarizes a set of diversified monetary policy intermediary target system combining M1 and M2,which can not only fix the deficiencies of current policies,but also better adapt to the rapid development of China's economic environment and global economic model.