We employed the vector autoregression model structure of monetary intermediary goal of structural perturbation separation and identification. We describe and examined between January 1993 and December 1997 credit intermediary targets and l, 1998 to December 2007, money supply intermediary goal. Through the specific inspection found that the intermediate target of monetary policy and macro economic cycle fluctuation has significant correlation, action mechanism of the impact of monetary policy and monetary policy effect depends on the specific stage of the economic cycle, monetary policy intermediary goal of transformation is the inner requirement of macroeconomic regulation and economic operation.

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