| The economic crisis in 2008 shocked the world, Financial turmoil is the source of the crisis. The crisis has created the economic slowdown in most Western countries, whether it is spared in the financial industry or manufacturing. China as one of the world economy members subjected to the impact of the economic crisis is inevitable. At the same time, active monetary policy has become the medicine of the countries that mired in the crisis. Hard look at this crisis. It is the source of the financial market, and spread rapidly in the world by monetary economy. Fully aware of the monetary economic system in today's world will be very meaningful. So the analysis of monetary policy's role in the economy has become necessary, of which the financial market-based channels of asset prices is particularly striking. In the paper, the theory of monetary policy transmission mechanism and the current research are summarized by inductive method. Meanwhile, the author states his view according to the status quo. He believes that in today's China the interest rate channel, credit and exchange rate transmission channel effect is not obvious. Because of the special nature of asset price channel, the paper under the constraints conditions of our system, makes an empirical analysis to asset price channel of China's stock market and real estate market using correlation analysis and trend analysis. Come to the conclusion that China's securities market and real estate market is conducive to the development of consumption and investment, but the interest rate has no significant effect on asset prices, asset price channel exists the obstacles. After he paper summarizes the conclusions of the full text, it provides the corresponding recommendations on the transmission channel of monetary policy,from the financial market development, financial institution-building and the Role of Government, Finally, at the future research direction of monetary policy the author put forward their own point of view. |
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