Utilization And Effect Analysis Of China's Optimization Tools Of Monetary Policy

At present the environment under the background of market economy,monetary policy operation is one of the most important means of macroeconomic regulation and control in our country.Since June 2012,in the face of domestic excessive growth stress and main developed countries to further the implementation of quantitative easing,the central bank used a series of traditional and innovative monetary policy tools to a great extent,solve the negative impact of the economy.Throughout the past 30 years,China's economy,although present state of rapid development,but this kind of unilateral only pursue rapid economic growth brought about by the various deficiencies and risk is also increasingly apparent,and these disadvantages and risks has become the key factor restricting the economic development of our country at present stage,therefore must gradually reasonable regulation of economic structure,realize the benign economic sustainable development.In the "new normal" environment,monetary policy has also gradually turned to the "new normal".As economic macro regulators,central Banks will from "moderately loose" monetary policy to a "prudent" monetary policy to enhance market liquidity management.In order to ensure the implementation of the monetary policy can be effectively,the central bank is not only using the traditional monetary policy tools such as the legal deposit reserve rate and interest rate cuts and other measures,but also introduced a series of innovative monetary policy tools such as short-term liquidity adjustment measures such as supplementary loans and mortgages.Articles that at present domestic economic pressure against the background of overheat,for a central bank in order to solve the problem and innovation of monetary policy tools for research.In the process of research articles,mainly adopt the method of combining qualitative and quantitative research to explain the central bank introduced by the use of innovative monetary policy tools and its effect,and puts forward relevant policy Suggestions.So based on innovative tool of monetary policy as the main object of study,which is divided into five chapters.Chapter 1 is the introduction,the article research background and significance,research status at home and abroad,the research content and framework,and the article's main innovation points and deficiencies.Chapter 2 for our country the use of innovative general theoretical analysis of monetary policy tools,based on the present stage our country the innovative monetary policy tools used by the type,characteristics,function and the transmission mechanism and the description of the applicable conditions,the innovative to our country current use monetary policy tools.Third chapter mainly use background of innovative monetary policy tools in our country,mainly shows that the present stage of our country is experiencing economic new normal,economic environment background of the larger changes in the resulting monetary policy environment will with the change and the environment under the background of the defects in the traditional monetary policy tools.Then the innovative monetary policy tools to our country current use is how to play a role as well as the innovative monetary policy tool in the process of practical application effect.The fourth chapter is mainly on the empirical analysis,selection of the broad money supply(M2),short-term liquidity adjustment(SLO),stock lending facilities(SLF),medium-term lending facilities(SLF),mortgage loans(PSL)complement,the Shanghai interbank offered rate(shibor)using VAR and VEC model to carry on the empirical analysis,is given to illustrate the effectiveness of the implementation of innovative monetary policy tools.The fifth chapter according to the empirical analysis of the main conclusion is the significant effect of monetary policy,and there are still problems and put forward the corresponding policy recommendations.