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In this paper, through the analysis of the two stages of time series regression in the year between 1990 to 2000 and in the year between 1998 to 2013, we compared the effect of price stability in the two different stages of monetary policy and then made a Granger Causality analysis of money supply, CDP growth, exchange rate and price index. Research results showed that the effect of two stages of monetary policy on the price was different, that was to say the tightening of monetary policy had a good effect against inflation, and the effect of moderate monetary policy on the economy and improving people’s consumption level was smaller; besides the influence of monetary policy, the first phase of economic growth had no marked impact on prices, however the exchange rate had a positive effect on prices. The second phase of economic growth and price presented positive correlation, while the exchange rate and price change were in opposite directions. The results of Granger causality test showed that money supply growth rate, GDP were the Granger cause of CPI, and GDP was the Granger reason of M2.