The Construction and Empirical Test of Monetary Service Index in China
构建了1997年春至2008年冬的中国货币服务指数，发现2004年经济过热和2007-2008年高通胀与货币服务过剩直接相关，且广义货币服务指数优于传统货币总量，可作为货币政策中介目标。
Monetary Service Index measures the basic role of money as medium of exchange. This paper con- structs the Monetary Service Index from spring of 1997 to winter of 2008 for China. Compared with existent con- structing plans, there are three innovations in the plan. Based on analysis with constructed data, the authors suggest that both the heated economy during 2004 and the high inflation rate during 2007 and 2008 are di- rectly related to excessive monetary service in China's economy. Moreover, empirical analysis also shows that expected inflation rate is indeed not the opportunity cost variable of money demand function in China, both nar- row Monetary Service Index and narrow simple-summed aggregate perform badly, but broad Monetary Service Index outperform its counterpart. During the sample period, the short-run dynamic demand function of broad simple-summed aggregate is indeed unstable, but its counterpart of Monetary Service Index is surprisingly sta- ble. These conclusions imply that broad Monetary Service Index is a good alternative as a monetary policy inter- mediate target