﻿ 一个新的增量货币数量方程式—基于中国的数据分析

# 一个新的增量货币数量方程式—基于中国的数据分析A New Quantity Equation of Money Changes—Empirical Analysis Based on Chinese Data

Abstract: Based on the Friedman quantity theory of money, by critically analyzing the quantity equation of money, this paper has created a new model of quantity equation of money changes. After analyzing the new model’s logical relations between their variables and applying the Chinese annual data samples during 1991~2009 to the empirical analysis, several significant results have been achieved. The major result of this paper is that, for money such as M0, M1, and M2, a stronger substantial negative linear relationship exists between the excess money growth rate and inflation rate. This result is totally different to the result supposed on the Friedman quantity theory of money.

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