On the Dual Economy,Structural Effects and Long-term Monetary Neutrality During Economic Transition Period
在城乡二元经济背景下，构建两部门一般均衡模型并检验货币长期非中性效应，发现中国货币中性源于城乡互动的结构效应而非名义调整不完全。
Under the urban-rural dual economic environment,this paper reviews the long-term non-neutral effect of money.We firstly construct a two-sector general equilibrium model,which is used to investigate the relationship between money and output.Then we carry out the cointegration test to test the long-term non-neutral effect of money.Finally,using the recursive simultaneous equation model,we verify if the former theory is correct The results show that the monetary neutrality does really exist in China,however,this is not from the incomplete nominal adjustment,but from the structural effects of urban and rural interaction.