A Study On The Macroeconomic Effect Of Interest Rate Marketization

The further advance of the interest rate market will change the behavior and the way of the economic main body, and also have a relatively large impact on the economy. By building a series of dynamic stochastic changes or equilibrium models, such as corporate sector, financial sector, family sector, central bank, in part of the market in the process, the impact of the currency and loans, deposits, etc.. Money demand shocks and interest rate shocks have a negative impact on the economy. Impact of the impact of the impact of interest rates on the impact of interest rate shocks on the economy is able to have a negative impact, the impact of technology and loan shocks on the economy is also able to produce a positive impact, the former with the rise in interest rates, the latter with the rise in interest rates is showing a downward trend. After our national interest rate is fully market-oriented, the Central Bank of our country can be carried out by interest rate and smooth macroeconomic fluctuations. Interest rates, lace economy under the conditions of economic and financial major media, effect is to play and relies on the good market environment changes. The first factor is a sound market mechanism, only in the market mechanism, the interest rate is able to reflect the value of the currency as a central, can be in accordance with the laws of the market to change. To be independent of the market, the main body of the market Du Lihua can make a decision, the main behavior can truly reflect the real requirements, can really make a comparison of the impact of changes in interest rates to make more sensitive judgments. In order to improve the financial market system,in the perfect financial market system, the market players can choose the best asset structure, the market can reflect the main body of the market. Under the condition of the interest rate function, the establishment of a sound market mechanism is the key factor of the market players, and also the important guarantee to improve the market system.The gradual change in the interest rate makes the interest rate market gradually move towards a rational, which lays the foundation for the reform of the interest rate market. At1980, our national interest rate market has gone through three stages of development. The first phase is between 1989 and 1980, mainly through the interest rate level can be adjusted effectively, can change the overall situation of low interest rates for a long time. The second stage is from 1990 to 1992, in this stage is to simplify the interest rate structure,and further rationalize the relationship between interest rates, interest rates gradually become an important resource allocation and macro regulation and control. In 1989 to2000, the change of interest rates in our country has highlighted two important features.One is the interest rate level tends to be reasonable, but the interest rate level structure gradually straighten out. The behavior of financial institutions by bank deposit interest rate is relatively large, the financial market for interest rate changes is relatively large, and no correlation with the nature of the money market interest rates are gradually reduced with the bank deposit interest rates, but because of the variety of money market transactions is relatively small, the area is relatively large u.s.. Macro economy by the impact of interest rates is relatively small, the nominal interest rate and GDP growth is showing a positive correlation.