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本文从趋势水平关联性和波动关联性两个视角出发,对中国宏观经济先行指数和一致指数的应用效果进行实证检验.检验结果表明,当前中国宏观经济一致指数和先行指数的联动性较弱,使得一致指数的应用价值有所降低.先行指数波动、一致指数波动及先行指数波动引起的一致指数波动都是非对称的,导致了指数应用范围的局限性.为了提高两指数应用的有效性,必须重视先行指数的预测功能,在经济周期的不同阶段选择相应的分析手段.“,”From the perspective of the correlation in trend level and in fluctuation, this paper carries out an empirical analysis on the application effectiveness of China's leading index and coincident index. The empirical results show that the linkage of leading index and coincident index is weak, which leads to reduce the value of the coincident index. What's more, the fluctuations of leading index, the fluctuations of coincident index, and the fluctuations of coincident index caused by the fluctuations of leading index are all asymmetric. And this feature results in the limitation of application. To improve the effectiveness of the indexes, it is necessary to pay more attention to the prediction function of the leading index, and to select the corresponding analysis methods in the different stages of the economic cycle.