The Study Of China's Monetary Policy Framework Reformation Under The New Normal Economy

In 1998,China has made a quantitative monetary policy framework is build and implemented.The framework effectiveness gradually weakened.Specific performance has two aspects: one is the growth rate of M2 of controllability,measurability and correlation weakening;the other is quantitative tools such as the central bank's “three big magic weapon” role tends to weaken.Now,our country's economy has entered a “new normal”.Economic development by the transition of the “rough” to “fine” need to price a leading role in the process of resource allocation,especially financial resources.But it was a total control characteristics of the traditional quantitative monetary policy cannot be achieved.In addition,the enhanced role of capital price(interest rate)need the central bank more effective management and control interest rates.From the global experience,in the process of complete the marketization of interest rate,the main developed countries have undergone a monetary policy shift from quantitative to price.While the price regulation as the core of interest rates,so the essence of monetary policy transition is the interest rate as intermediate target and set up interest rates operation framework.Then,interest rate corridor exists in two modes : the way of price controls and open market operations.Now,our country is in that a quantitative type and price of monetary policy is cross phase,and Interest rate marketization basically completed.Study to be adapted with the marketization of interest rate pricing mechanism of price model(rates)control framework,answer the condition of our country have to price frame transformation,and how to implement the frame transformation to the price and so on,for the present China has very important theoretical and practical significance.This article from the theoretical review and the course of evolution of China's monetary policy analysis began,combined with our country economy “new normal” the status quo,research into why China's monetary policy transition.After carding international monetary policy framework transformation experience and operation practice,this article puts forward our country monetary policy framework of price model transformation direction and establish “interest rate corridor” operation framework.Then,using the relevant data at home and abroad and through the GARCH method empirical analysis on interest rate corridor pattern can reduce short-term interest rate volatility in the process of price model(rates)control,if you can what its action mechanism is.On this basis,through the analysis of interest rate corridor basic system design and operation principle,clear construction of interest rate corridor the basic requirements of operation and explore the construction of interest rate corridor achievements and development at the present stage in China.Finally answer the monetary policy framework transformation path problem,put forward in the transition to a monetary policy framework of price,should follow the “invisible” to the “dominant” path to construct the interest rate corridor pattern.At the same time pay equal attention to the price and quantitative intermediary goal and cooperate with related policies and measures.With interest rate corridor to build perfect,waning quantitative index as the intermediary target position,and to type price index as the main intermediary goal,ultimately implement monetary policy framework of price.