The Game Theory Study Of The Transmission Of Monetary Policy

The monetary policy mechanism is to study how the operator, the performer and the finally function of the monetary policy which affects mutually in under the monetary policy tool influence, its ultimate objective lies in satisfies participates respectively under the side benefit maximization condition, realization macroeconomic policy goal and social total welfare goal. The monetary policy influence economic cycle way quite is complex, moreover along with time shift, the initiation function mechanism changes the factor appearance, also possibly causes this conduction process even more complicated then to have the influence to its conduction effect. These questions have initiated this domain monetary policy effective and the invalid question argument, simultaneously also proposed for the monetary policy decision maker the difficult problem and the challenge. Domestic and foreign has hastens with the view on the monetary policy conduction commonmechanism literature——emphasized the participation main body involvesthe Central Bank, the commercial bank, the non-bank financial organ, invests between the body and public's mutual function, also these main bodies all embark from its benefit maximization choose own most superior strategy, its research model and conforms to the game theory research pattern to the result analysis, but on the systematic characteristic, the function process and the concrete influence aspect has the improvement possibility. In fact, the monetary policy conduction machine-made question is itself is the game theory question, the policy result is decided in all quarters is seeking its benefit maximization condition decision gambling to be balanced. Moreover, the thorough research gambles participant's behavior way and the influence, possibly causes the Central Bank monetary policy the operation even more to tend to effectively, analyzes its behind thoroughly the factor, then entire society's orderly is more reasonable and is effective. In order to deal with the issue convenient, this article will gamble the participation side simplification will be: The Central Bank, the representative commercial bank and represents the manufacturer, and pointed out: The Central Bank and the commercial bank are one kind of principal-agent's relations, the Central Bank and on behalf of the manufacturer, and represents the manufacturer two aspects on behalf of the commercial bank gambling also is adjusts gradually after an its benefit function benefit mediation finally realizes the benefit to be balanced, and take this as foundation establishment monetary policy conduction gambling model. How does this article attempt on the monetary policy each participation side between to gamble carries on the system the research, how analyzes this kind of gambling to relate has the influence to the monetary policy function effect. In this foundation, how studies our country the economic system reforming characteristic to affect our country monetary policy conduction at present, analyzes it with the general monetary policy function difference, puts forward our country monetary policy conduction policy proposal. The research discovered that, each stage gambling all has the complex influence to the quantity of money and the credit supplies, the policy action mechanism through the policy maker, the performer and the function behavior anticipated reflected, the monetary policy function microscopic foundation to the macroscopic foundation change is one nonadditivity condition evolution.