Study On The Effectiveness Of Monetary Policy Under The New Economic Normality

The 2008 international financial crisis, in response to the economic impact of the financial crisis, China promptly adjusted its macroeconomic policy orientation, introduced a proactive fiscal policy and a moderately easy monetary policy to promote economic stabilization and recovery. In the presence of a series of economic stimulus, China’s economic lead the recovery in the world, and in 2010, since the outbreak of the international financial crisis reached new heights. But since 2010, increased downward pressure on Chinese economy, structural problems gradually, negative effects of the economic stimulus plan begin to emerge in the early. In this context, research how to implement effective monetary policy to promote economic growth while reducing the social cost of financing in support of "Agriculture", small enterprise development, and promote economic restructuring is of great significance.This paper introduces the effectiveness of monetary policy connotation, standard and basic theory of the effectiveness of monetary policy, to later in the study provides theoretical support. After this, foundation money channel change and social influence of financing structure change on monetary policy. This based on, on China 2010 of currency policy implementation situation for has analysis, and evaluation, and for has based on VAR model of empirical research, obtained has general currency supply volume M2 through credit scale, and social financing scale, intermediary target on currency policy eventually target still has larger of effect, but influence degrees has weakening of conclusion, and accordingly for has currency policy framework Xia of effect currency policy effectiveness of factors analysis. Finally, according to the above empirical research findings and monetary policy under the framework of factor analysis and corresponding policy recommendactions.Of our country should be actively and prudently promote monetary policy in transition, creating a benchmark interest rate regulation system, and establish "interest rate corridor" and so on, in order to achieve monetary policy of price control; in addition, the need to further purify the Foundation of China’s monetary policy transmission, get rid of the financial "soft restraints" obstacles and establishing an effective social credit system, in order to achieve smooth channel of monetary policy transmission.