The result shows that there is a stable relationship between GDP and M0, and GDP and CPI can be explained by the money supply fluctuation on different levels.

• 实证结果显示，我国的国内生产总值和M0之间存在长期的稳定关系，国内生产总值和居民消费价格指数也可以用各层次货币供应量的变动来解释。