Research On Heterogeneous Property Right,Capacity Fluctuation And The Asymmetric Influence Of Monetary Policy

With the development of supply side structural reform,there are some structural contradictions in current economy in China.The released liquidity from central bank has not been fully absorbed into the real economy,which is subject to some structural contradictions in current economy.Monetary policy transmission mechanism is difficult to effectively regulate the needs of enterprise investment and operation.This paper attempts to incorporate the characteristics of financing allocation and its influence on the investment behavior of state-owned enterprises and private enterprises into the theoretical framework of capacity cycle fluctuation analysis.This paper will explore the micro-foundation of interest rate controls,financing preferences,and capacity fluctuations and employs the Dynamic Stochastic General Equilibrium Model(DSGE)to analyze the asymmetric effects of corporate investment,which is caused by interest rate control and financing preferences.This paper strives to expand the research on heterogeneous property rights,capacity fluctuations and the asymmetric effects of monetary policy from the micro to the macro-level.This study is a complicated and systematic project.It involves dynamic simulations of many endogenous variables and different exogenous shocks.It compares the effects of different monetary policy operations.The article also includes academic processing about different effects on capacity utilization of heterogeneous enterprises.It will extend to the field of macro-prudential policy and the fiscal policy.A DSGE model based on the New Keynesian framework is constructed to simulate the impact of different exogenous shocks on the capacity utilization of heterogeneous enterprises.This paper will construct a multi-sector DSGE model with financial accelerator under the open economy.The article analyzes the coordination mechanism of macro-prudential policy and monetary policy based on the fact that private enterprises use real estate as collateral to confront the asymmetric effect of financing.This paper has the following conclusions:First,interest rate regulation and financing bias are important reasons for overcapacity and insufficient production capacity.Interest rate deregulation and financing preferences adjustment are important ways to change this situation.Second,when the economy faces technical shocks,the price-based monetary policy operations can compress the investment of state-owned enterprises.Meanwhile,it will raise the interest rates,which would lead to the tightening of consumption.Quantitative monetary policy operations are more effective at inhibiting excessive investment and overcapacity.Third,when the economy is facing the shock of consumer preferences,the operation of quantitative monetary policy will further inhibit the investment of private enterprises and intensify the problem of insufficient production capacity of private enterprises.The operation of price-based monetary policy can not only tighten the investment of state-owned enterprises,but also promote the investment of private enterprises.Fourth,when the economy is confronted with monetary policy shocks,the increase in government consumption can hedge the impact of monetary policy shocks and alleviate overcapacity.Although the increase in government investment will increase demand to alleviate the overcapacity temporarily,it will eventually worsen the overcapacity by increasing the supply.Fifth,the economy can be stabilized through prudent collateral policy framework and capital asset leverage regulation.To some extent,these policy operations can offset the asymmetric influence of monetary policy based on heterogeneous property rights.With regard to the first conclusion,the third chapter of this paper discusses the formation mechanism of overcapacity and insufficient production capacity caused by interest rate regulation and financing bias,through the analysis of the asymmetry of loan availability.With regard to the second and third conclusions,the fourth chapter compares static analysis based on the asymmetric effect of monetary policy,and then it combines the actual effects of quantitative monetary policy operation and price monetary policy operation in China.As for the fourth conclusion,the fifth chapter analyzes the impact of government behavior on supply and demand,and focuses on the structural preferences,which is caused by the asymmetric effect of fiscal policy and monetary policy,and the constraints in the implementation of fiscal policy.With regard to the fifth conclusion,the DSGE model is used in the sixth chapter to analyze the impact of macro-prudential policies on the asymmetric effects of monetary policy.It focuses on overheating economy,asset price inflation,and rapid expansion of loans,in which asymmetric effects of monetary policy are in the central positionThe main conclusions of this paper are obtained through theoretical and empirical analysis of the current situation in China.The arguments for these conclusions are scattered in various chapters.Objectively speaking,these conclusions can continue to be explored and analyzed.At the same time,there are also some uncontrollable content.To test these conclusions,this paper compares international experience based on model analysis results.This paper makes a comparative analysis of the structural monetary policy practices of the developed economies,such as Europe,the United States,Britain and Japan in the post-crisis era,and it demonstrates the effectiveness of China’s structural monetary policy.This paper puts forward relevant policy recommendations and opinions on China’s monetary policy regulationCompared with the previous research,the innovation of this paper lies in the following aspects:First,this paper,by introducing heterogeneous enterprise elements,develops DSGE Modeling method to analysis the asymmetric influence of monetary policy based on enterprises’ property rights.It overcomes the shortcomings of the VARs method.Second,this paper puts capacity fluctuation into the research on the asymmetric influence of monetary policy based on the enterprises’ property rights and dynamically simulates the effects of different monetary policy operations under different exogenous shocks,which is more creative than other research.Third,this paper focuses on the impact of macro-prudential policy on monetary policy,by stabilizing the economy through prudent collateral policy framework and capital asset leverage ratio supervision.To some extent,it can solve the asymmetric influence of monetary policy.Fourth,this paper focuses on analysis the feasibility of structural monetary policy in solving the asymmetric influences of monetary policy based on enterprises’property rights.As far as the overall framework of policy implementation is concerned,the significance of this paper is that it has basic theoretical support.This paper studies heterogeneous property right,capacity fluctuation and the asymmetric influence of monetary policy.This article covers a wide range of topics.With the full development of big data,internet and artificial intelligence,the mechanism revealed in this paper and empirical analysis are probably not as chaotic as described in this article.It needs to point that this paper is not very accurate in some fields,which needs to be explored later.