The empirical results show that the probability of the original assumption that financial innovation FI is not the Granger cause of real interest rate is 0.0485, its value is less than 0.05's critical value level, rejects the original hypothesis, indicates that the financial innovation FI is the Granger cause of real interest rate, that is, the change of financial innovation FI can cause the change of interest rate level. The probability of the original assumption that the interest rate is not the Granger cause of real GDP is 0.362, greater than the threshold of 0.05, accepting the original assumption that the interest rate is not smooth in the process of transmission to real GDP, but the interest rate is the Granger reason for the real CPI, indicating that the change of interest rate can cause the change of real CPI, proving that it is smooth in the process of transmission to CPI. Real GDP and real CPI are not the Granger reason for interest rates. To sum up, financial innovation has an impact on both
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