The Impact On The Efficiency Of Monetary Policy Transmission Mechanism From Interest Rate Marketization Reform

Since the international financial crisis of 2008,our government has implemented the "4 trillion rescue" police.It maintained sustainable economic development,but also brought a series of problems at the same time.In recent years,the share of GDP for central fiscal spending is falling,the fiscal policy to influence economy weakened gradually,the role of monetary policy became more and more important.And the effectiveness of monetary policy transmission mechanism is the key of monetary policy.According to the research status at home and abroad,there are four main kinds of recognized monetary policy transmission mechanism,such as the interest rate transmission mechanism,the credit transmission mechanism,the transmission mechanism of wealth,and the asset price transmission mechanism.A monetary policy may affect the real economy through the four transmission mechanism at the same time.And the four transmission mechanisms are not independent,but influence each other and work together as a whole.When one of the transmission mechanisms works,the other transmission mechanisms will react accordingly.Especially the interest rate transmission mechanism,when interest rates changes,four types of transmission mechanism will respond.Our country is under the background of interest rate market-oriented reform at present.Since 1996,relaxed restrictions on interbank lending rates,our country has completed the interbank lending market,bond market,loan interest rate marketization,entered the key period of interest rate liberalization,marketization of interest rates on deposits is just around the corner.With the deepening of the market-based reform of interest rates,the efficiency of monetary policy transmission mechanism is bound to change.In different stages of the marketization of interest rate,how monetary policy influence the real economy through the transmission mechanism,and how will it changes with the deepening of the market-based reform of interest rates.This paper sets up the vector autoregressive model in stages,with the money supply?GDP as endogenous variables,interest rates,fiscal expenditure,import and export as exogenous variables.By analyzing the impulse response function and variance decomposition methods,to study the dynamic effect between money supply M1 and GDP in four different stages of interest rate marketization reform,analysis the characteristics of the efficiency of monetary policy transmission mechanism in different stages.Then compares and analyses the empirical results of the four stages and shows the change of the efficiency of monetary policy transmission mechanism further on with the deepening of the market-based reform of interest rates in our country.At last we draw a conclusion that the market-oriented interest rate reform makes the monetary policy transmission mechanism in our country become more efficient,more regular,and has shorter lag.