| Monetary policy is used by a government or central bank to achieve specific economic goals.Monetary policy has a significant characteristic that it’s impact of macro-control on the economy is universal.However,compared with the total amount of monetary policy control,the operation of the real economy has a certain structural characteristics,so the contradictions between total control means and the structural asymmetry of the real economy are inherent.At present,because of the economic downturn,it is important to adjust the industrial structure and rational allocation of resources to absorb more and the production capacity in order to find a new economic growth point,which is the meaning of studying the industry effect of the monetary policy.Based on the theoretical analysis and statistical research on agriculture,forestry,animal husbandry and fishery,construction,real estate industry,this paper makes time nodes after 1998,when the People’s Bank of China adopts the money supply as the intermediate target.Three panel data models were established with the 59 corporations’ data from the second quarter of 2002 to the third quarter of 2016,and then the influencing factors.Finally,the changes in monetary policy on the real estate industry is the most obvious,followed by the construction industry,agriculture,forestry,animal husbandry and fishery industry is the least affected.Industry characteristics and the industry’s internal financial situation will affect the effectiveness of monetary policy. |
