Study Of The Monetary Policy Regional Effects Under The Difference Of Economic Subject

The effectiveness of the implementation of a unified monetary policy is to have certain constraints, namely in the homogenization of region economy and the consistency of the economic cycle. But often the reality is not the case, Because of the difference of the level of development of China’s regional residents, enterprises led to the hierarchical level of regional economic development, the implementation of a unified monetary policy will reduce the effectiveness of policy implementation, triggering a regional effect.For the study of regional effects of monetary policy in China has just started, whether from related research theory and empirical methods have much room for improvement. This article will use the optimal currency area theory and the monetary policy transmission mechanism theory as the theoretical foundation, through theoretical analysis to determine our current monetary policy is the main pathway for the credit channel. In the clear research ideas, this article analyzes the credit transmission mechanism of monetary policy under the current situation of the microscopic conductive body to prove that the eight economic areas are in the existence of a real difference. By constructing a vector autoregressive model to analysis, the final conclusions is that all Economic Area residents’ and enterprises’ loans behavioral differences are the origin of the monetary policy regional effects.According to2005the State Council issued the "coordinated regional development strategy and policy" reporting requirements, the paper gave up the traditional eastern Midwest region, and use more detailed eight comprehensive economic zone division methods. Research results of domestic and foreign scholars usually according to the macro factors of economic development level and financial institutions development level of regional effects, but this paper clear understanding of China’s monetary policy credit transmission mechanism, find the terminal of the channel of monetary policy transmission. In the previous macro to macro analysis, this paper innovative brings micro conduction into the research. The study of regional effects from monetary policy will help improve the effectiveness of the implementation of monetary policy.