J1-98 96.314 1.656 98.6 Apr-03 196.1301 1.6428 101 Aug-98 97.29 0.985 98.6 y-03 199.5052 3.3751 100.7 Sep-98 2.496 985 Jun-03 204.9314 5.4262 100.3 0ct-98 100.8752 1.0802 98.9 Jul-03 206.1931 1.2617 100.5 102.229 1.3538 98.8 g-03 210.5919 4.3988 100.9 Dec-98 104.4985 2.2695 99 Sep-03 213.5671 2.9752 101.1 Jan-99 105.5 1.0015 98.8 0ct-03214.4694 0.9023 101.8 Feb-99 107.78 2.278 98.7 Nov-03 216.3517 1.8823 103 Mar-99 108.438 0.66 98.2 Dec-03 221.2228 4.8711 103.2 Am-90 109.218 0.78 97.8 Jan-04225.10193 3.87913 103.2 May-99 110.061 0.843 978 Feb-04 227.05072 1.94879 102.1 Jun-99 111.363 1.302 97.9 r-04 231.6546 4.60388 103 111.414 0.051 986 Apr-04 233.62786 1.97326 103.8 ug-99 112.827 1.413 98.7 ay-04 234.8424 1.21454 104.4 5ep-99 115.079 2.252 99.2 Jjun-04238.42749 3.58509 105 t-99 115.39 0.311 99.4 Jul-04 234.8424 3.58509 105.3 Nov-99 116.559 1.169 99.1 Aug-04 239.72919 4.88679 105.3 -00 119.898 3.339 99 -04 243.757 4.02781 105.2 Jan-00 121.2 1.322 99.8 0ct-04 243.74 -0.017 104.3 Feb-00 121.5834 0.3634 10.7 Now-04247.13558 3.39558 102.8 r-00 12.5807 0.9973 9.8 Dec-4 253.2077 6.07212 102.4 -00 124.1219 1.541 997 Jan-05 257.7528 4.54513 101.9 r-00 124.0539 0.0686 100.1 Feh-05 259.3561 1.60327 103.9 126.605 2.552 100. 264.5889 5.2328 102.7 Jul-00 126.3239 0.2814 100.5 Apr-05 266.99266 2.40376 101.8 g-0 127.79 ,4661 100.3 ay-05 269.2294 2.23674 10L.8 Sep-00 130.4738 2.683 100 数据来游：中国经济统计数据库，http//db.ei.gocn 为了考察货币供应量的变化对物价的影响，我们用广义货币M2的月增长量M2Z作为 39 Jul-98 96.314 1.656 98.6 Apr-03 196.1301 1.6428 101 Aug-98 97.299 0.985 98.6 May-03 199.5052 3.3751 100.7 Sep-98 99.795 2.496 98.5 Jun-03 204.9314 5.4262 100.3 Oct-98 100.8752 1.0802 98.9 Jul-03 206.1931 1.2617 100.5 Nov-98 102.229 1.3538 98.8 Aug-03 210.5919 4.3988 100.9 Dec-98 104.4985 2.2695 99 Sep-03 213.5671 2.9752 101.1 Jan-99 105.5 1.0015 98.8 Oct-03 214.4694 0.9023 101.8 Feb-99 107.778 2.278 98.7 Nov-03 216.3517 1.8823 103 Mar-99 108.438 0.66 98.2 Dec-03 221.2228 4.8711 103.2 Apr-99 109.218 0.78 97.8 Jan-04 225.10193 3.87913 103.2 May-99 110.061 0.843 97.8 Feb-04 227.05072 1.94879 102.1 Jun-99 111.363 1.302 97.9 Mar-04 231.6546 4.60388 103 Jul-99 111.414 0.051 98.6 Apr-04 233.62786 1.97326 103.8 Aug-99 112.827 1.413 98.7 May-04 234.8424 1.21454 104.4 Sep-99 115.079 2.252 99.2 Jun-04 238.42749 3.58509 105 Oct-99 115.39 0.311 99.4 Jul-04 234.8424 -3.58509 105.3 Nov-99 116.559 1.169 99.1 Aug-04 239.72919 4.88679 105.3 Dec-99 119.898 3.339 99 Sep-04 243.757 4.02781 105.2 Jan-00 121.22 1.322 99.8 Oct-04 243.74 -0.017 104.3 Feb-00 121.5834 0.3634 100.7 Nov-04 247.13558 3.39558 102.8 Mar-00 122.5807 0.9973 99.8 Dec-04 253.2077 6.07212 102.4 Apr-00 124.1219 1.5412 99.7 Jan-05 257.75283 4.54513 101.9 May-00 124.0533 -0.0686 100.1 Feb-05 259.3561 1.60327 103.9 Jun-00 126.6053 2.552 100.5 Mar-05 264.5889 5.2328 102.7 Jul-00 126.3239 -0.2814 100.5 Apr-05 266.99266 2.40376 101.8 Aug-00 127.79 1.4661 100.3 May-05 269.2294 2.23674 101.8 Sep-00 130.4738 2.6838 100 数据来源：中国经济统计数据库，http://db.cei.gov.cn/。 为了考察货币供应量的变化对物价的影响，我们用广义货币 M2 的月增长量 M2Z 作为