On the Effectiveness of Foreign Exchange Reserve and Monetary Sterilization on the Inflation
基于数量货币理论建立实证模型，研究中国外汇储备增加对通胀的影响及货币冲销的有效性，发现冲销政策整体有效，能抑制通胀约3个月，但对总产出有负面影响。
This paper examines the inflation effect of foreign exchange reserve increase and the effectiveness of monetary sterilization in China.The authors establish an empirical model based on the quantitative monetary theory,and the empirical results indicate that the monetary sterilization policy is effective on the whole.A SVAR model is also employed to detect the dynamic effects of the foreign exchange reserve increase and the monetary sterilization on inflation.The results show that the monetary sterilization can affiliate the inflation effect raised by the foreign exchange reserve increase,and the effect last for about 3 months,while it has a negative effect on the gross output.