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Research on the Effects of China’s Monetary Policy

In: Research on China’s Monetary Policy System and Conduction Mechanism

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  • Wei Liu

    (Renmin University of China)

Abstract

Money neutrality regards currency as a layer of yarn covering the real economy, and denying its effects of economic currency is only the medium of exchanging commercial products. This point of view is mainly reflected in the classical theory of money quantity. Whether it is Fisher’s trading equation or Marshall’s and Pigou’s cash balance equation, the conclusion is that the change of money quantity will only cause the change of price level but will not have any influence on the actual economic activity, so money is neutral. Although modern monetarists represented by Friedman fully affirmed the substantial influence of money on the economy and believed that money was very important and changes in prices, employment, output, and so on were all caused by changes in money, they believed that it was only the short-term effect of monetary policy.

Suggested Citation

  • Wei Liu, 2023. "Research on the Effects of China’s Monetary Policy," Springer Books, in: Research on China’s Monetary Policy System and Conduction Mechanism, chapter 0, pages 175-224, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-9060-1_6
    DOI: 10.1007/978-981-19-9060-1_6
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