An Analysis For The Impact Of Innovative Monetary Policy Tools On The Intermidiary Target

Monetary policy is an important means of macroeconomic regulation and control,and the choice and use of monetary policy tools are related to the realization of the intermediate target and the ultimate goal.Therefore,the current research on the effect of monetary policy instruments is not uncommon.Many scholars use quantitative and qualitative analysis methods to estimate and evaluate the effectiveness of various monetary policy tools.However,since 2013,China began to adopt innovative small monetary policy tools for open market operations.The research on the effects of these innovative monetary policy tools is still relatively scarce,and the research results of observing these tools and comparing their effects are not much.In the background of the current China economic structural reform,the research on the role and direction of these innovative monetary policy tools will help our country effectively ensure the stability of the financial system during the process of reform,and to promote the further development of the real economy.In this article,through theoretical and empirical analysis,based on the principle of monetary policy transmission mechanism,we can compare the impact of different innovative monetary policy on the intermediary variables.During the research,the integration test,VAR model and impulse response function are used to analyze the results,and the corresponding policy recommendations are put forward.The author believes that,since the beginning of 2013,the study of the use of innovative monetary policy tools found that the impact of the standing lending facility on the intermediary target is the most effective,followed by short-term liquidity adjustment tools.Of course,this is the result of the data in the period of economic transition,we don't rule out that it may draw different conclusions in different economic periods for the future.In different periods,we should focus on different monetary policy tools and cooperate with each tool so as to achieve the best control effect.