| Accurate monetary policy relies on the interest rate transmission channel. The transmission channel will be more smooth only when monetary policy runs accurately and efficiently. Compared with other transmission channels, the effectiveness of the rate transmission plays stronger.Our country is at a critical moment of market-oriented reform in interest rates.If the reform succeeds,the role of interest rates in monetary policy will become increasingly important,and that is also why this thesis chooses this view.Firstly,I introduce the knowledge of the monetary policy transmission channel,select the Keynesian transmission mechanism as the basis of research. Since the choice of indicators as interest rate,it is required that the index can be quickly and accurately with the development of monetary policy changes in the same direction. The current economic include two main transmission channels,the market interest rate transmission channel and no-market interest rate transmission channel. The no-market interest rate transmission channel efficiency is relatively low.It requires interest rate market reforms.This paper selects China quarterly data since 2000 and 2015,using vector autoregression model study on the interest rate transmission channel. I focuse on comparing the different effects between the market interest rate transmission and no-market interest rate transmission.But,our interest rate transmission still has some obstacles and hysteresis effect. The effectiveness of interest rate transmission channel becomes much stronger,but the financial institutions do not adapt to the interest rate reform. This thesis proposes to deepen the interest rate reform,strengthen the interest rate management system,and improve the risk of prevention capacity.In this thesis,the study focuses on the no-market interest and market interest ratesto make a comprehensive,time-effectiveness research.The aim of this thesis is to hope to improve our country’s interest rate transmission channel. |
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