Research On The Effectiveness Of Monetary Policy In China

The question of the effectiveness of monetary policy has always been the focus of the study of scholars,the current constantly changing the international economic situation on the operation of monetary policy put forward higher requirements.In the new period,we should deepen our understanding of monetary policy in the eyes of development,explore in the constantly updated economic situation,and gradually improve the development of monetary policy.In this paper,the effectiveness of monetary policy in 2008 to 2015 as the object of study,at this stage China has experienced a period of financial crisis and post-crisis.Although the central bank during this period to take a series of targeted monetary policy measures,but its effect is unsatisfactory.The in-depth analysis of the effectiveness of monetary policy at this stage can not only reflect the shortcomings of monetary policy,but also play a guiding role in the future monetary policy,which has strong theoretical and practical significance.On the basis of summing up the previous research experience,this paper combines the economic theory with our country reality,and then uses the measurement model to carry on the empirical test,tries to carry on the instrument,the goal and the transmission mechanism of the monetary policy from the three aspects of the theory,the operation practice and the demonstration Comprehensive and meticulous study.Through the establishment of the VAR model,the unit root test of the relevant variables,the Johansen cointegration test and the variance decomposition,the conclusion of the effectiveness of China's monetary policy between 2008 and 2015: the lack of validity of China's monetary policy during this period,Policy objectives,policy tools,transmission mechanisms,policy development have some shortcomings.The effect of price-based tools is more obvious,but the role of price-based tools is increasing.The influence of money supply on price stability is very small,which is weak and effective intermediate target.The transmission mechanism of monetary policy is not smooth and the conduction efficiency is low.Policy from the "loose" to "sound" change has a certain positive effect,but the adjustment effect is limited.Through the study of the economic environment and policies adopted by other countries,we find that the implementation of quantitative easing policy has a strong spillover effect on China's monetary policy.Aiming at research results,the paper puts forward some suggestions: We should improve the monetary policy intermediary target system,strengthen the quantitative monetary policy tools to change the price of monetary policy tools,improve the efficiency of monetary policy transmission,improve policy development and implementation capacity.