The Empirical Study On The Effectiveness Of Structural Monetary Policy Under The Supply-side Reform

Under the supply-side reform,it is related to the effectiveness of structural monetary policy that whether structural monetary policy can play a moderating role in specific enterprises and increase the efficiency of economic growth.Based on the above problems,this paper mainly adopts the method of theoretical analysis and empirical analysis on the effectiveness of structural monetary policy.First of all,this paper summary and analysis the relevant theories which includ Non-neutrality of Mone,Interest Rate Corridor,Credit rationing.And based on those theories,the framework of structural monetary policy theory system is constructed from the monetary policy tools,conduction mechanism,intermediate goals and final goals.This paper also analyze the financing status of "three rural" areas and small enterprises,and the current situation of economic growth.And then Judge the effect of structural monetary policy according to those actualities.Finally,on the micro level,the impact of structural monetary policy on the availability of agricultural enterprises' credit availability is analyzed by the panel data of 67 agricultural enterprises listed in China.At the macro level,this paper calculatethe the efficiency value of monetary policy in the period of 2007-2016 by using Data Envelopment Analysis,and judge its effectiveness by analyzing the change of efficiency value.The results show that the Lending Facility tools can increase the amount of credit on agricultural enterprises.But the effect of directionally reduced RRR is not obvious.At the same time,structural monetary policy can improve the efficiency of economic growth,but have not a lasting effect.Finally,this paper propose five suggestions about how to improve the effectiveness of structural monetary policy.