中文摘要：

货币内生性问题会涉及货币当局货币政策操作,尤其是中间目标选择,会影响货币政策传导机制并最终影响货币政策最终目标的实现。文章创新性地基于DSGE模型框架推导了内生货币和外生货币下模型解,并对我国货币内生性问题进行检验,实证结果显示我国货币内生性特征明显,中央银行以货币供给量为中介目标进行宏观调控显然是不可行的。因此,确立以利率为中间目标的宏观调控体系迫在眉睫。

英文摘要：

Monetary endogeneity problem relates to the operation of the monetary policy of the monetary authorities,especially the intermediate target selection,and this will affect the monetary policy transmission mechanism and ultimately affect the realization of the ultimate goal of monetary policy.Innovation of this article is based on the framework of the DSGE model derived endogenous money and exogenous monetary model solution,and tests the endogeneity problem in our currency.The empirical results show that China＇s monetary endogeneity is obvious,and the central bank money supply as the intermediate target the macro-control is obviously not feasible.Therefore,establishing a macro-control system is imminent with interest rate as the intermediate target.