本文以2005.01-2011.12期间的月度数据为基础,在VAR模型的基础上,对我国货币供应、通货膨胀及经济增长三者之间的关系进行实证分析。研究发现,在所选样本期间内三者之间存在长期稳定的均衡关系。并进一步发现我国货币具有内生性,受通货膨胀以及经济增长的影响,且内生性不断增强。此外,在样本期内我国的货币是非中性的,货币供给量的增长转化成现实的经济增长大约需要一年的时间。在此基础上得出了货币供应量不再适合作为货币政策的中间目标而应将中间目标转向为对利率的调控的结论。 Based on the monthly data of 2005.01-2011.12, based on the VAR model, this paper makes an empirical analysis of the relationship between money supply, inflation and economic growth in our country. The study found that there was a long-term, stable equilibrium between the three during the sample period selected. And further find that our currency is endogenous, affected by inflation and economic growth, and endogenous growth. In addition, during the sample period, our currency is non-neutral, and it will take about a year to convert the growth of the money supply into real economic growth. On this basis, it is concluded that the money supply is no longer suitable as an intermediate target of monetary policy and the intermediate target should be shifted to the regulation of interest rates.