Unit-Root-Testing results show that Chinese quarter data of the tool variables of monetary policy and multi-variables of macro-economy are non-stationary and contain a Unit Root in our analytical term of sample.

• 单位根检验结果显示，在我们分析的样本期内，我国货币政策工具变量与宏观经济变量季度数据均是含有一个单位根的非平稳序列。