| Along with the development of national economy and the financial system is being perfected, the influence of a country's monetary policy on Macroeconomic and life is increasing. Whether or not the transmission way of monetary policy is reasonable and effective, directly influences the result of monetary policy and the contribution to economic. Monetary policy play to utility mainly through interest rates channel, asset prices channel, credit channels and exchange rate channels. As the development of economy and finance, the role of vary of mechanism in the transmission of monetary policy changes. Our country is in the process of economic system transformation, the ways of monetary policy transmission are not all sensitive and effective. Therefore, how to effectively improve the monetary policy transmission mechanism become an increasingly important and pressing issue.To improve the effect of China's monetary policy transmission, we must have a comprehensive and profound understanding about China's currency policy mechanism and reality. This paper reviews the main monetary policy transmission mechanism theories in the western countries, make an investigation on the history of China's monetary policy transmission, and analyse the currency situation. On this basis, use Stationarity test, VEC model and impulse response analysis, etc.Through comprehensively analyses the ways of monetary policy transmission's actual impact on GDP since 2000, especially after U.S. financial crisis, this article try to provide the reference basis in decisions for the relevant departments. And based on the comparison of various pathways, the author aims to explain the necessity and importance of the overall coordination of monetary policy transmission ways, as follows:Complete the macro-control mechanism of People's Bank of China; Deepen the reform of state-owned commercial Banks Give full play to the role of government. |
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