Study On Structure Of China's Monetary Policy Transmission Process

It's no doubt that monetary policy can exert an effect on economic system, essence of discussion is just the extent to which monetary policy can do. Economists did many researches on the effectiveness of monetary policy and produced a lot, most of which focused on transmission mechanism. We can divide these points into two kinds of research methods referring to reality of market signal and characters of transmission. Under the condition of decrease of effectiveness of monetary policy, it is necessary for us to search the whole transmission process. Despite of mature transmission theory, we may change our view from the process to microeconomic environment. The weakness of effectiveness cannot result from transmission process, but the anti-action produced by microeconomic units.At a real economic world, the frequency of policy aversion is very quick in our country with the expectation that such enforcements can confirm the effectiveness completely. But this is just one side, the fact usually go beyond the capacity of expectation because of the game between central bank and microeconomic units. On the basis of such recognitions, this paper will do more research on this issue to find inter structure within monetary policy deeply and offer a useful proposal to help enhance effectiveness of monetary policy.Firstly, this paper reviews the related discussions briefly and gives a reasonable division according to transmission process. The writer consider one kind of research is followed by building behavior function of policy makers and trying to work out action rules, and another focus on the availability of transmission channels or expectation of finding new channel. After that analysis this paper directs along the channel to policy acceptors, pointing out the necessity for microeconomic behaviors as a new ground.Secondly, this paper absorbs traditional systemic theory into its own...