The Research Of The Asymmetries Of The Monetary Policy Effect Based On STR

The monetary policy is the economic policy important component, and is the country carries on the macroeconomic regulation and control the important means. The research on asymmetry of monetary policy is the extension of the study on validity of monetary policy, which is the basis of the asymmetry of monetary policy. The purpose of the research on asymmetry of monetary policy is to investigate whether the effect of monetary policy is accordant or not when using one specified monetary policy tool in the same degree while in the opposite direction. When the effect is accordant, it is considered to be symmetric, otherwise it is asymmetric. The monetary policy asymmetrical question already involves to the monetary policy direction choice, simultaneously also involves to certain monetary policy tool under the policy implementation degree. This question's research has the important theory significance.This paper studies practice of monetary policy in China, analyzes the validity of money supply, GDP and Interest rate. This paper uses the methods of co-integration test and Granger causality test to tries to prove that asymmetric effectiveness of the monetary policy exists in our country. Then this paper makes a conclusion that asymmetric effectiveness of the monetary policy exists in our country. The result of the demonstration shows that, asymmetric effectiveness of the monetary policy exists in our country to some extent. Combining with the practice of our country, it can be known that, the asymmetry of monetary policy has relation with the choice of the intermediation objectives. Besides, it also has relation with characters of the monetary policy tools. All in all, its essential reason is the problem of the system of our country. At last the paper puts forward some proposals. Central bank should improve the efficacy of money supply by adjusting the layers of money supply and ameliorating the institution environment.There are six chapters in this paper. The first part is introduction; the second part is the theories of monetary policy and co-integration; the third part is the practice of monetary policy in China and analysis of monetary policy effect; the fourth part is the studies of asymmetric effectiveness of the monetary policy; the fifth part is the summary and some proposals; the sixth part is conclusion of the paper.