The Research On Regional Differences Of Monetary Policy's Effect In China

The Effects of monetary policy problem is the Cutting-edge topics of the monetary theory , also one of the important areas of research in the monetary policy practice. According to the traditional points, the implementation of monetary policy,Monetary policy implementation should have a uniform effect through the whole nation, but the effective implementation of monetary policy relys to the Particular way of Economic Operation and the specific Monetary Policy Operating Environment.Based on the fina-ncial and economic Non-equilibrium in our country, the impact of Unified monetary policy is different in various regions,thus the regional effect of monetary policy has restricted the goal of the unification monetary policy to realized.The coordinated development of various regions is an important goal of the "Eleventh Five-Year" period of China's regional development , and the monetary authorities should consider the regional effect of monetary policy to achieve this important goal when establishing the policy. Neglecting the different monetary policy transmission effect, implementing unified monetary policy may increase regional ecxmornic development imbalances. This article researchedhe different monetary policy transmission effect, used the qualitative analysis and the quantitative analysis.First, summarized the existing theories, on this basis, analyzed the reality of the effects of regional differences of monetary policy in china, the root causes and economic impacts. On the one hand, the basic theory will be showed to the readers systematicly and intuitively, On the other hand also made up the theoretical preparation for the depth discussion below; this passage carried empirical research with vector autoregression model and impulse response function to determine which indicators should be selected to measure China's monetary policy better before quantitative analysis of China's eight major regional effects of monetary policy; On this basis, established fixed effects panel data model with variable coefficients to measure long-term regional effects of monetary policy; established China's eight major regional vector autoregression model and impulse response function to measure short-term regional effects of monetary policy; The result of positive test indicated that output effects of monetary policy, there are significant regional differences among the various regions of China regarding the effects of monetary policy. Studying the experiences of the foreign countries, this passage gives some political suggestion in the end to shorten the China's eight major regional effects of monetary policy.