Studyon The Effectivenessof Interest Rate Transmission Mechanismof Monetary Policyunder The Interestrate Liberalization

The transmission mechanism of monetary policy is the core content of monetary policy,and the efficiency of monetary policy transmission mechanism directly affects the efficiency of monetary policy.Among them,the monetary policy interest rate transmission mechanism is the most basic and important.Under the background of the current economic and financial activities,the interest rate is becoming more and more important,and the interest rate has become the key factor of whether the monetary policy can be transmitted to the real economy.With the steady development of China's interest rate market,the role of interest rate transmission will be more and more important in the process of China's monetary policy transmission.Then,has important practical significance on the effectiveness of the interest rate transmission mechanism of monetary policy in our country,it helps to deepen our understanding of many practical problems Chinese in the macro economy,there is the problem of the system and the system will help us clarify impede the transmission of monetary policy,so as to provide a theoretical basis for the government to further deepen financial reform.This paper is divided into six parts:The first part is the introduction,including the background,objectives and significance of this study,as well as the content and methods.The second part reviews the related theories of the interest rate channel of monetary policy documents;the interest rate channel of monetary policy at home and abroad reviewed the latest research status,the impact of interest rate channel of monetary policy and foreign financial liberalization under the market-oriented interest rate reform process of interest rate conduction;and a brief description of the interest rate channel of monetary policy at present the possible problems.The third part combined with the analysis of the actual situation of interest rate Chinese consumer segmentation under the effect and efficiency of investment,put forward the hypothesis of the transmission mechanism;analyses the impact of the term structure of interest rates in the interest rate transmission channel of monetary policy in the mainstream;interest rate term structure based on the theory,to analyzethe effect of interest rate term structure of interest rate transmission of monetary policy channel.The fourth part expounds the Chinese marketization of interest rate;analysis of the effectiveness of the degree and change trend of the interest rate transmission channel of monetary policy in China from the relationship between the fluctuation of interest rate and output structure of financial market volatility,interest rates under different segmentation and the segmentation of the term structure of interest rates and output.The fifth part uses econometric model to investigate the impact of the degree of effectiveness of the term structure of interest rate and the interest rate channel of China's monetary policy on the interest rate channel of monetary policy,the theory hypothesis and test the interest rate and the consumption effect,the efficiency of investment.And analyze the effectiveness of monetary policy interest rate transmission channel and the influence of different interest rate term structure on the interest rate channel of monetary policy.The sixth part according to the fourth part of the empirical analysis of the conclusions of the research: the effectiveness of China monetary policy interest rate channel in the transmission process of the real economy in the enhanced implementation of the term structure of interest rates and inflation expectations of monetary policy becomes more effective;and put forward policy recommendations:the benchmark interest rate system to continue to develop and cultivate the market;strengthen the linkage the reaction mechanism between money market and capital market.