The Researchonthe Responseof Term Structureof Interest Rateto Monetary Policy Impulseinthe Process Of Interest Rate Liberalization

With the development of international financial integration,the trend of pursuing financial liberalization has begun to appear.All countries in the world have begun to push forward with the reform process.The intermediate targets of monetary policy in developed countries focus on shifting to interest rate,gradually optimizing the mode of regulation and control,and strengthening the conduction of interest rate channels so as to better achieve the goal of monetary policy.At present,our country is also making efforts in this area and accelerating interest rate liberalization.Under the circumstance of a more and more market-oriented atmosphere,the term structure of interest rate as a key part of interest rate management is becoming more and more meaningful in making monetary policy in our country.After thinking about the importance of the term structure of interest rate in the process of making monetary policy by the policy authorities and exploring the inherent influence,the research results can be better applied to the macro-control of monetary policy.Therefore,the study of the relationship between the monetary policy and the term structure of interest rate under the market-oriented environment can not only improve the relevant theories but also have more important meanings in practical application.In the framework of the overall article,we first review and summarize the relevant research results on the term structure of interest rate,the relevant theories of monetary policy and the impact of monetary policy on the term structure of interest rate.Secondly,the article analyzes the process of interest rate liberalization in China,the evolution of monetary policy instruments,Short-term interest rate and the basic facts of the correlation between them are described.Then,using the single equation and the ARDL based on the residuals of the cointegration regression equation,the co-integration of the long and short term interest rate is tested,and the VAR model is used to analyze the monetary policy.Finally,based on the empirical results obtained,this paper analyzes and summarizes the results of the monetary policy shocks in China and puts forward the relevant policy suggestions.