On The Empirical Studies Of Monetary Policies Asymunetry Of China

Monetary asymmetry is that the monetary policy effects are very different in inflation and deflation. In inflation situation the monetary policy runs efficiently while vain in deflation. That is we use the monetary policy in inflation is better than use it in deflation.In different time of our economic activities, real economic is not always gear perfectly up to the symmetry or asymmetry of monetary policy in theory. So the quarrel with policy asymmetry is always existence.Now the questions economists concerned are: how can we stabilize our economic with monetary policy; what is the effect the monetary policy runs, what degrees the monetary asymmetry affects our economy and how can we do something to our economy by use the monetary asymmetry.So this paper studies empirical whether the monetary policy runs asymmetry in our country and this will give support to our economic development.With econometric methods, this paper studies the effect of anticipatory increase of money supply to the output to see whether monetary policy in our country is asymmetry. In the other hand, we study the impact mechanism of monetary policy anticipatory deflationary impact or predictable expansive impact to the output with the growth rate of money supply and interest rate indexes, and this study can also check up whether the monetary policy is asymmetry. The result is that both anticipatory impact and predictable impact do something obvious to the fluctuation of total output. Monetary policy can nominal affect the price and real affect output in a short time. The evidences support that monetary policy of China is non-neutral and indo-generated. This paper to our monetary policy also gives some advice at last.