CAJ | 학술논문

从货币数量论基本关系式出发,以动态分析的方法,从理论上推导出货币供应量与物价水平之间不存在直接关系的两个判断条件。以我国1979~2009年的数据为样本进行实证分析,结果表明：在我国,流通中货币M0的供应量水平与物价水平有关,而M1、M2的供应量水平与物价水平无关,这可能是因为货币流通速度的变化率具有降低或者部分抵消通货膨胀对于货币需求变化影响的作用。
종화폐수량론기본관계식출발,이동태분석적방법,종이론상추도출화폐공응량여물개수평지간불존재직접관계적량개판단조건。이아국1979~2009년적수거위양본진행실증분석,결과표명：재아국,류통중화폐M0적공응량수평여물개수평유관,이M1、M2적공응량수평여물개수평무관,저가능시인위화폐류통속도적변화솔구유강저혹자부분저소통화팽창대우화폐수구변화영향적작용。
Based on the basic equation of the quantity theory of currency,this paper first theoretically derives two conditions for judging the relationship between currency supply and price through dynamic analysis method.Analyzing the data during 1979 to 2009,we find that there is relationship between supply of M0 and price,while there is no relationship between supply of M1 or M2 and price,which may because that the change of transactions velocity of currency can reduce or partly offset the effect of inflation on the currency demand.