| Monetary policy is the essential part of the macro economical policy. In accordance with the regulations of the People's Bank of China, the target of the monetary policy is to stabilize the value of the currency so as to promote the development of the economy. Bank is the main body to apply the monetary policy while it is the central bank when under the central bank system. The central bank lays down the monetary policy according to the requirements to keep stable the value of the currency, to promote the growth of the economy. The policy can then be carried out in the financial market by financial institutions to function the social and economical activities to reach the macro economical goals. The problem to carry out the monetary policy is thought-provoking in the theories of the monetary policy. The aim to do the research on the conduction of the monetary policy lies in revealing its law in the process from its application to the impact, particularly the research with the Chinese cases to work out the effective measures to serve the society with a proper policy. The problem is how to measure the function and its process? What is the method and what is the meaning of the measurement? How can we appraise the policy with the result of the measurement? All those are the problems we have to solve. The author has done a thorough and systematic research in the dissertation on the law of the conduction of the monetary policy with the methods of the modern econometrics on the basis of the knowledge of the conduction theory. The regularity, especially quantitative effect of the policy, has a theoretical meaning and the important practical value to the increase of the effective adjustment and validity of the monetary policy.The purpose of the dissertation is to carry out the positive research to analyze the process of both internal and external conductions in and out of the financial system step by step, with the knowledge of the process and of the econometric methods, so as to explore the law and the effect to do further research for the proper making of the monetary policy.The research follows the general principle of the conductive process of the monetary policy. Cognitively it divides the whole process of the conduction into the internal part, which involves.the tool variable of the monetary policy→the operating target variable→the intermediate target variable, and the external part including intermediate target variable→the final target variable, and applies the statistical method to select and check the relevant variables. On the basis of the above, it searches to find out the long-term mutual influence and the short-term dynamic correction between the variables through the establishment of the VAR model and measures the quantitative effect of the conduction after the policy influence with the impulse response function and variance decomposition, that is, the direction and the intensity of the impulse response, so as to do research on the conductive method and its effect of the monetary policy.The paper is made up of six chapters. Chapter One describes the general cognition of the monetary policy and its conductive principles including the monetary policy, its conducting mechanism, its validity, the tools, the operating target, the intermediate target and the final target; it analyzes the qualitative relationship of the conduction between the variables under the particular circumstances of our country. The cognition and the analysis in this chapter are fundamental for the research in the following chapters.In Chapter Two, the initial cognitive analysis about the relation between the monetary policy and macro economy is done with the statistical methods. The application of the monetary policy is an important part of the macro economy. The change of the economical system decides the basic trend of the policy. The author offers the experienced judgment on the important variables in the policy involving the relations of the mutual influence of the variables between the tools, intermediate...
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