近年来,我国货币供应量的快速增加引发了各界对我国通货膨胀的关注与担忧。本文以我国1990—2012年的年度经济数据为样本,运用单位根检验、协整检验与格兰杰因果检验的计量方法分别研究我国货币供应量M1、M2与我国物价水平CPI的关系。最后对本文实证研究得出的结论进行进一步分析,并提出相应的政策建议。 In recent years, the rapid increase of China’s money supply has aroused the concern and concern of all walks of life on our country’s inflation. Based on the annual economic data from 1990 to 2012 in our country, this paper uses the unit root test, cointegration test and Granger causality test to study the relationship between China’s money supply M1 and M2 and China’s price level CPI. Finally, the conclusions drawn from the empirical study in this paper are further analyzed, and the corresponding policy recommendations are put forward.