A Research On The Implementation Strategy Of Monetary Policy Under The New Economic Normality

Our country's economy is entering a "new economic normality",the world's economy is complex and uncertain,monetary policy has the responsibility of improving the economic structure and recovering the global economy.Banks are the main financial intermediary,the allocation of credit resources will affect the result of monetary policy.to optimize the credit resource allocation and create a stable monetary environment will become an important task of our banks.It elaborates the allocation of bank credit resources from three aspects,and analyzes the reasons.Then,it sums up the theoretical basis of monetary policy and the allocation of credit resources,which provide evidence and theoretical basis for further study.It uses the international advanced DSGE method,combing with the actual allocation of bank credit resources in China,to simulate the real economic environment,the model includes family,consumer goods companies,real estate companies,commercial banks,shadow banking,finance department and central bank sectors.it has detailed description of economic behavior equation,and obtain the optimal conditions of each department by Lagrange multiplier method.With successful interest rate reform,to be forward-looking,it uses interest rate rule as the theoretical reference of monetary policy,and introduces the credit spread factors based on "standard" Taylor rules.It uses the impulse response analysis method to contrast the Taylor rule "standard" and the rule with credit spread,from passive and active adjustment aspects.The empirical study found that,under the new normal economy,the implementation strategy of monetary policy is as follows:when under the real estate price shocks and consumer goods manufacturers technology shocks,the passive monetary policy adjustment,the credit spread with 0.5 parameter has the best performance.when under the monetary policy shocks,the active monetary policy adjustment,the credit spread with-0.5 parameter has the best performance,In general,Taylor rule with credit spreads are better than the "standard" one,and the central bank needs to refer to the monetary policy rules under different parameters from different regulation aspects.Finally,combined with the empirical results,this paper puts forward some policy recommendations to optimize the allocation of bank credit resources and the implementation of monetary policy.