Research On The Industrial Asymmetric Effects Of Monetary Policy In China

With the constant improvement of China's economic system, as an important means of macroeconomic regulation and control, monetary policy are playing an increasingly important role in balance macro economy and stable prices. On one hand, the control measures would produce modest, less negative and small fluctuation effects on the market. At the same time, it can also make the formation of market price signals more regularity, so as to meet the requirements of the nature of the market economy. On the other hand, the monetary policy also plays an important role in adjusting the industrial structure, but shows the asymmetric effects among industries. At present, domestic literature on monetary policy industry effect of empirical research is mostly based on three industries or on the second industry, less literature study the effect of monetary policy of our country is based on the third industry. Therefore, studying the problem has important theoretical value and practical significance.The research work of this paper can divide in four stages mainly include literature review and summary of theory, establish model, the empirical analysis and conclusion summarizes. In this paper, the structure is divided into six chapters. The first chapter is introduction. The second chapter is the summary of relevant theories and the evolution of China's monetary policy. The third chapter is the analysis of China's monetary policy transmission channels effect. The fourth chapter is the existence of the effect of asymmetric industry of our country monetary policy. The fifth chapter is about revelation and corresponding policy recommendations putting forward on the basis of the empirical test. The sixth chapter is about the conclusions and outlook.In this paper, the following are research conclusions: Rate as a component of transmission channels, its influence on the actual output of the third industry is decreasing.On the contrary, money supply has been increasing its influence on the actual output of the third industry. At the same time, rate plays a main role for the transmission of monetary policy, the money supply as a complementary tool rates of transmission channels, affecting the tertiary industry output value.The monetary policy has the asymmetry effects on different industries of the third industry in our country. The effects of money supply indicators of monetary policy play on the various industries of the third industry is remarkable, and interest rate indicators have no significant impact on the industry.