中文摘要：

本文对金融危机爆发前后我国货币乘数的周期性变动进行分析,并探讨货币乘数与宏观经济波动的吻合性,以及货币乘数各个组成部分与货币乘数本身的变动趋势,分析结果表明我国货币乘数与宏观经济的波动周期基本吻合,货币乘数与货币供应量的变动趋势表明我国货币政策的操作还处于粗放型阶段,同时货币乘数各个组成部分与货币乘数本身的变动也不符合传统理论的结论。因此本文认为应改变我国经济增长方式,通过与产业政策相配合来引导资金流动,加快多层次金融市场建设,由此来提高我国货币政策操作的有效性。

英文摘要：

This paper analyzes the movements of monetary multiplier around financial crisis in China, and the results show that China＇s monetary multiplier and macroeconomic volatility cycle are basically consistent. Money multiplier and money supply trends indicate that changes in the operation of monetary policy is still in rough shape, and components by monetary multiplier and the money multiplier itself changes the conclusion does not conform to traditional theory. This article suggests that we should change the mode of China＇s economic growth, and speed up the construction of multi-layered financial market, to improve the effectiveness of monetary policy operations.