Study On The Conduct Effect Of The Interest Rate Channel Of Monetary Policy In China

Interest rate as the money price, for the reason, in our country has a certain control. The monetary policy transmission effect of monetary policy transmission channels in our country is still controversial. And. as marketi/.ation of interest rate gradually rising, in our country interest rate whether and to what extent reflects and transmits the monetary policy, it has become the common issue of concern. It should be said that study on this question is not only with our country monetary policy intermediary target selection and reasonable interest rate marketization process in advance, and most importantly, it directly relates the social public consumption behavior such as investment, about rational allocation of resources and economy running smoothly.At first, this paper determines the currency non-neutrality as theory premise, through the theory analysis of the factors affecting decided to interest rates and interest rates on savings, consumption and investment and other economic variables adjustment, especially continue according to the current interest rate system. determined respectively according to the official interest rate transmission channels and market interest rates transmission channels to carry on the analysis of the basic train of thought, and combining with China’s current economic operation situation and needs, to interest rates on the role of macroeconomic regulation is trying to conform to China’s national conditions and development related to the pace of advancing with The Times.In empirical analysis, after the analysis were made respectively to official one year deposit interest rate based on interest rate transmission channel the utility and the market interest rate transmission channel utility of their conclusions, and the comparison of both, to some extent, we draw on the overall conclusions and enlightenment of the effectiveness in China’s monetary policy interest rate transmission channel.Overall thought, our country interest rate monetary policy transmission channels in the long run still exists and cannot be ignored, but a variety of obstacles in the process of conducting obstruction, variable interest rates as conduction effect is not be normal full play; And interest rates system itself is not coherent, under different interest rate formation mechanism of interest rate index of transmission dynamics in different direction, even these will make it at a discount greatly for the transmission of monetary policy effectiveness; to some extent of market interest rate index showed more sensitive accurate conduction effect than the official rate, this also verify the market-oriented reform development to a certain degree of economic operation is not against the trend of development.In the end, based on interest rate system itself is not perfect, monetary policy interest rate conduction process such as correlation analysis, put forward to "inner power" to push forward market-oriented interest rate reform, enhance residents’ interest rate sensitivity, improve lubrication rate transmission channels by enhancing financial services. Finally we hope to be able to provide some useful reference to improve the effectiveness of our country interest rate monetary policy conduction channels.