Theoretical And Empirical Study Of China's Monetary Policy Transmission Mechanism

This dissertation absorbs the pith of the domestic and foreign research work on the monetary policy, and links the fact of the inconspicuous effect of the regulation of monetary policy, the cumber of the procession of the monetary policy transmission mechanism, the status quo of the post-deflation and the trend of the future monetary policy, with reference to the results of previous research, this paper links means of quantitative and qualitative analysis, horizontal and vertical comparison, it analyzes the practical effect of the monetary policy and the influence of the actions of micro entities to the monetary policy transmission mechanism in our country, and elucidates problems exist in the monetary policy transmission mechanism, and finally gives suggestions on the option of the tools of monetary policy and the adjustment of intermediate targets.In the backdrop of globalization, the endogeneity of money supply increases while the correlation between money supply and the real economic activities decreases, which make the monetary transmission mechanism changes in our country, thus increases the difficulty of the adjustment of the central bank on money supply. Therefore, measures should be taken in these ways: the control mechanism and tools of money supply should be changed, the function of market should be emancipated to determine money supply. To clean the channels of monetary transmission so that the monetary policy transmission mechanism could be perfected. To cultivate indirect and marketable tools of monetary policy, put premium on the role of rate and open market operation in the regulation of monetary policy.