M1 and M2 indirectly effect the stock market through GDP but no transmition mechanism is formed stock market is a weakly exogenous variable in the cointegration vector.
M2均通过GDP对股市产生间接影响，但没有形成利率传导机制，我国股市是关于协整向量的弱外生变量。
By using the cointegration testing and vector autoregression models, we examine the long-run equilibrium and short-run fluctuations in the growth-led roles of foreign aggregate supply and demand.
本文利用协整关系检验和向量自回归模型，从短期波动和长期均衡角度，描述和检验了国外总需求和总供给对中国经济增长的拉动作用。
Moreover, Chapter Three analyzes the effects of the foreign reserve on the money supply empirically through the cointegration theory and vector autoregression model.
第三章利用协整理论与向量自回归模型，从实证上分析了外汇储备对我国货币供给的影响。
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