Monetary Base, Credit and Output: the Empirical Analysis of Monetary Policies in China
基础货币、贷款和产出--中国货币政策实证分析

Does monetary policy affect the real economy? What is the transmission mechanism by which these effects occur? These two questions are the most important and controversial in macroeconomics. We do some empirical research with Chinese data. Our results indicate that in the short run, the monetary policy do affects the real economy and the monetary policy affects the economy through its effects on the bank lending .