| At present, the economic development of China is facing a soft landing after a high-speed growth for several years, which is reflected in the lower earnings growth and the disturbed sustainability in all walks of life. In order to make the economy run smoothly, our government often uses macro-control as guidance tools. Especially, monetary policy is favored in macroeconomic policies because of the advantage of its simplicity, strong pertinence, market sensitivity and the weaker "crowding out" of social investment. However, the implementation effect of monetary policy has emerged asymmetry between the industries, which restricted its function severely. In order to play the basic role of monetary policy in macro-control better and promote the industrial restructuring, this paper analyzed the factors that influenced the industrial effects of monetary policy. First, it use panel data model to analyze the industrial effects, which obtained the reaction coefficients of various industries replied to monetary policy. Second, it divided 25 industries into four groups based the reaction coefficients. Finally, based on the Markov-switching state-space model, it selected the Agriculture, forestry, animal husbandry and fishery industry and the steel industry from the four groups to analyze the impact of monetary policy on the different industries. According to the analysis above, the paper hold that we must strengthen the quantitative research on the asymmetric industrial effects of monetary policy and develop more "customized" monetary policy with precise effects. |
