Monetary Policy Asymmetry Analysis Of Industry Effect In China

In recent years, China's economy has begun to enter the stage of the new normal,some unreasonable factors in the economic structure also appeared increasingly,structural adjustment to the national economy.In 2015 policy administration clearly announced that they will regard the capacity as a first of the five tasks of economic development.The government hope to abandon the backward production capacity, so that to improve the overall structure,which is currently the focus of the work.Monetary policy maker will exert important functions in the process.If we continue to carry out the total adjustment of monetary policy,it will further aggravate trade imbalances, leading to "the strong stronger and the weak weaker" situation of the development of the industry.The economic structural adjustment accord with the task of production capacity.Therefore, the government should focus on the industry effect of monetary policy. Give full attention in perfecting the structure of the role of monetary policy, and further promote the reform of the current supply side, eliminate backward production capacity, differentiated policies,promote long-term economic sustainable development.This article is divided into five chapters to discuss.The first is the introduction, the paper selected topic background and the selected topic significance to clarify.Will be summarized the related theories of scholars at home and abroad and finishing.The paper simply describes the main train of thought and framework.Finally, this paper highlights the theme of the content, reasoning methods and innovation has made a preliminary explanation.The second chapter is a theoretical analysis.First, by analyzing the effectiveness of monetary policy theory demonstrates the effectiveness of monetary policy.Then through exploring the formation mechanism of the asymmetric effects of monetary policy industry, theoretically explained the reasons for the formation of asymmetric effects of monetary policy industry.The third chapter is analysis of reality.Looking back to the previous implementation of monetary policy in our country and the situation of industrial development.The paper illustrates the different policy on the asymmetric development of industry,and think the policy play a different role.The implementation of the domestic monetary policy and the situation of all the industry development situation.The fourth chapter is about the empirical analysis and results.First of all, based on the theory of the second chapter, the paper use the 2007-2015 monthly data to carry on the empirical analysis, then use VARmodel and impulse response function analysis of the effect of monetary policy to each specific industries;And the empirical result after the explanation and illustration.The fifth chapter is conclusion.According to the results of the article demonstrates the current situation of China's monetary policy regulation. According to the characteristics of the 32 industry this paper put forward the corresponding improvement opinions, and think that we should study the limitations and the subsequent need to continue to improve.Due to the conduct of monetary policy asymmetric effect produced by the industry,this paper analyzes the domestic situation in recent years, and associated with the current structural adjustment.The industry asymmetry of monetary policy with the existence of excess capacity about industry, based on the perspective of monetary policy,this paper put forward a solution to the excess capacity.In the final part this paper also puts forward some relevant policy suggestions.Further deepen the topic.