Research On The Asymmetry Of The Industry Effect Of Monetary Policy In China

Throughout the theoretical research and operation practice about the monetary policy validity,it can be found that the total effect got more attention and the policy implementation for different industries is unified.And the monetary policy ignored the asymmetry of the industry effect of monetary policy."One-size-fits-all" monetary policy will undermine its effectiveness in the industry,and further intensify the imbalance of the industry structure.Therefore,it is particularly important to reduce the asymmetry of industry effect of monetary policy and make the monetary policy validity sufficient and balanced.Under the background that the traditional energy is increasingly exhausted and environmental pollution became serious,the development of new energy industry has been risen to the national strategic level.In order to enhance the dynamic of economic development and promote the environmental protection,It is of great significance to research on the monetary policy operation mechanism meeting with the development of new energy industry and enhance the effectiveness of monetary policy to the new energy industry.At the theoretical level,this paper presents the theory of the monetary policy validity and the different transmission mechanisms of monetary policy.And then this paper explains the formation mechanism and influencing factors of the asymmetry of the industry effect of monetary policy.On this basis,this paper makes comparative analysis of the effectiveness of monetary policy in the new energy industry and the traditional energy industry.And then based on the particularity of the new energy industry segmentation of solar energy,wind power and nuclear power industry,this paper carries on the qualitative analysis about the effectiveness of monetary policy at the industry level.Analysis suggests that the effectiveness of monetary policy is different in the new energy industry and the traditional energy industry.And in the solar industry the sensitivity of the monetary policy is stronger,in the wind power and nuclear power industry is relatively weak.Through quantitative analysis this paper further illustrates asymmetry of the industry effect of our country's monetary policy.The empirical method is based on the fixed effect panel data model,adopting the micro enterprise data in the new energy industry between 2009 and 2016,aiming to explore the specific impact of monetary policy on the new energy industry.The empirical results show that the new energy industry is less affected by monetary policy than the traditional energy industry.As for responding to the currency impact,the solar industry's degree is the largest,secondly the nuclear power industry,then the wind power industry.The asymmetry of the industry effect of monetary policy in our country is objective existent.Based on theoretical analysis and empirical research,building the monetary policy operation mechanism meeting with the development of new energy industry is as the starting point.This paper put forward the suggestions of improving the effectiveness of monetary policy from three aspects of implementing different monetary policy in different industries,improving and optimizing the current monetary policy transmission mechanism,and strengthening the monetary policy's cooperation with other macroeconomic policies.Meanwhile this paper also put forward the suggestions of improving the development mechanism of new energy industry from three aspects of lifting technology research and development efforts,broadening the financing channels and maintaining the policy appropriateness.