| 1. | Perhaps the single operational tool is not able to reflect on the overall money supply endogey , but after different tools " hedging " , the basic money supply is bound to show it ; monetary multiplier changes with cycle changes ; it is prepared by the statutory rate , the excessing ready rates , currency rates , periodic joint decision with demand deposits ratio , which commercial - banks ready rate is the most important factor affecting monetary multiplier change
或许单个操作工具不足以反映基础货币供给整体的内生性,但不同工具之间“对冲”后,基础货币供给的结果必然表现出内生性;货币乘数是顺周期变化的;它由法定准备率、超额准备率、通货比率、定期与活期存款比率共同决定,其中商业银行的超额准备率是影响货币乘数变化最主要的因素。 |
