关键词: M2, 现金等价货币总量, 迪维西亚货币总量, 货币政策中介目标

Abstract: M2 is the traditional intermediate target of monetary policy. However, its effectiveness is seriously doubted by the academic monetary authorities circle in the world with the change of economic and financial environment. The research on correction of M2 is a hot topic in the academic world until there is a better alternative target. Divisia Method and Currency Equivalent Method both correct M2 by Simple Sum Method based on measurement of the overall liquidity. The study proves for the first time on the model building that the accuracy of measuring the liquidity aggregates of M2 by Currency Equivalent Method is obviously better than Divisia Method. We also do empirical test on monetary aggregates by the three methods under the stability of money demand function and the two principals of controllability and relevancy as the intermediate target of monetary policy. The result suggests that a monetary aggregate by Currency Equivalent Method is better than that of the other two methods under the stability of money demand function, the controllability and the relevancy. So, this study suggests that the correction of M2 by Currency Equivalent Method is more suitable to be the intermediate target of monetary policy of monetary authority in China.

Key words: M2, Currency Equivalent Aggregates, Divisia Monetary Aggregates, the Intermediate Target of Monetary Policy