An Empirical Study On The Asymmetry Of Monetary Policy In China And Policy Suggestions

The asymmetry of monetary policy means that easy monetary policy has a less significant effect to stimulate economic growth than the tighten monetary policy’s effect to restrain economic overheat. That’s to say monetary policy has better effect in control of inflation than that of deflation.Through the data acquisition of monetary policy tools, the monetary intermediate target quarterly data, as well as the final goal of economic quarterly data from the first quarter of2000to third quarter of2011third quarter, this dissertation makes every effort from the source of implementation of monetary policy which is the starting point of the central bank’s monetary policy operation, and tries to clarify whether there is indeed asymmetric characteristics in conduction process through empirical testing of monetary policy of our country. Besides, this dissertation tries to find in which stage this asymmetrical features exist and what is the reason behind that through the use of econometric methods. And then the dissertation sums up asymmetric effects of monetary policy and analyses the reason based on the specific problem, trying to find out reasonable and practical solutions as well as policy recommendations.This dissertation suggests to make good use of the asymmetry of monetary policy to improve the effect of monetary policy implementation by shortening the time of the effect of monetary policy, by strengthening interest rate risk management, by advancing the reform of exchange rate formation mechanism, by improving deposit reserve system, by improving the rediscount policy, by developing social security system, and by improving the credit structure and other aspects, in order to make money policy more accurately perform the decision intention.