A Study On The Conduction Effect Of Monetary Policy In China

With the rapid development of world economy and integration process speeding up, the transmission mechanism of monetary policy is no longer confined to the traditional interest rate transmission mechanism and credit transmission mechanism of monetary policy, asset price transmission mechanism has already caused the extensive concern, the research on the monetary policy transmission mechanism of asset prices relatively late, is still to be studied in the. Diversity of asset prices makes the transmission mechanism of monetary policy in China is more complex, increasing the transmission effects of monetary policy uncertainty. Assets price transmission effect of monetary policy in China, not only helps to clarify and measure the effect of monetary policy transmission, but also conducive to enrich the theoretical study of monetary policy transmission mechanism.This thesis based on combing the monetary policy to asset price transmission mechanism theory and empirical research, based on multiple asset prices as the angle of view, an empirical study on China’s monetary policy asset price transmission effect. Further, analyzed there as ons of China’s monetary policy, asset prices conduction is blocked, and puts forward relevant policy suggestions. The main conclusions are as follows:(1)study the overall asset price transmission mechanism of monetary policy in China is effective, but because of the limitations of capital market itself, the monetary policy conduction effect has deviation with the theoretical expectations.(2)of China’s monetary policy transmission effect of multi asset price differences. Differences in different asset price transmission effect, difference of different entity role of economic variables effect and the same asset price.The characteristics and innovations of this paper:(1) stock prices, bond prices, real estate prices, exchange rates and other four kinds of asset prices as the angle of view, the study of China’s monetary policy, asset price transmission effect, considering the factors of the opening of the market factors and the bond market development. At the same time, four kinds of asset prices into the same model to make an empirical analys is, to a certain extent to avoid the interaction between asset prices. (2) try to write multi asset price index, and test our country’s monetary policy of the index based on multi asset price transmission effect, as the central bank is more convenient to observe dynamic asset prices overall trend and to more accurately predict the effect of monetary policy provides another alternative.