Open Access Open Access  Restricted Access Subscription or Fee Access

Cross wavelet Analysis for the Time–frequency Effects of Money Supply and Consumption Volatility

Xiwen Qin, Fengze Cai, Xiaogang Dong


The time-frequency effects between money supply and consumption is a well-known topic in macroeconomic fields. We use cross wavelet analysis to decompose the time–frequency effects of Chinese money supply and consumption. We argue that the relation between money supply and consumption in detail. It illustrates the empirical evidence about the macroeconomic effects of money supply. It shows that money supply increases lead consumption increases across different time and frequencies. The results have some guidance that monetary policy reinforced the recessionary effects of the consumption volatility.


Money Supply; Time–frequency analysis; Empirical Mode Decomposition; Cross wavelet; Wavelet coherency.

Full Text:


Disclaimer/Regarding indexing issue:

We have provided the online access of all issues and papers to the indexing agencies (as given on journal web site). It’s depend on indexing agencies when, how and what manner they can index or not. Hence, we like to inform that on the basis of earlier indexing, we can’t predict the today or future indexing policy of third party (i.e. indexing agencies) as they have right to discontinue any journal at any time without prior information to the journal. So, please neither sends any question nor expects any answer from us on the behalf of third party i.e. indexing agencies.Hence, we will not issue any certificate or letter for indexing issue. Our role is just to provide the online access to them. So we do properly this and one can visit indexing agencies website to get the authentic information. Also: DOI is paid service which provided by a third party. We never mentioned that we go for this for our any journal. However, journal have no objection if author go directly for this paid DOI service.