The Research On The Structural Effect Of The Use Of Monetary Policy Tools

Monetary policy to our country economy especially the development of financial market plays a vital role,and one of the most important means of macroeconomic regulation and control in our country.Over the years,China's economic growth has slowed,entered into a new normal economy.At the same time,the funds outstanding for foreign exchange has increased amplitude decrease and the emergency of the banking system,money short age phenomenon in 2013.Faced with such a macroeconomic situation,the traditional monetary policy of our country is not sufficient.The economic structural is becoming increasingly prominent.In that context,a series of structural monetary policies tools came into being.China's creation of a structural monetary policy instrument to regulate liquidity and gradually strengthen its ability to respond to short-term liquidity problems not only have a certain theoretical significance for enhancing the overall transmission process of China's monetary policy,but also improve the effectiveness and advancement of China's macro economy and promote financial reform in our country has very important practical significance.The article is under the new normal background of China's economy,adopts both of theoretical and empirical research methodology,researches on the use and effect of the structural monetary policy tools created by the central bank,and then puts forward relevant policy suggestions.This article is divided into five chapters,the first chapter is the introduction,mainly elaborated the research background and significance of the paper,the domestic and foreign literature review,the research content and the method,the article innovation and the deficiency.Through the review of domestic and foreign literature,it is understood that scholars at home and abroad are currently studying the research results of the structural monetary policy tools,laying a certain foundation for the writing of the paper.Article in the second part discusses the concept of China's structural monetary policy,the monetary target,the transmission channel and the similarities and differences with the traditional monetary policy and then analyses the motivation for the use of structural monetary policy tools,lays a solid foundation for the development of the thesis.Thesis the third part of the status describes the characteristics of four structural monetary policy tools including short-term liquidity adjustment(SLO),stock lending facilities(SLF),medium-term lending facilities(SLF)and mortgage loans(PSL).On the basis ofthis,the current situation and control effect of the application are analyzed.The fourth chapter is about the structural monetary policy tools using the effect of empirical research,mainly through the structural VAR model and ECM error correction model empirical analysis using the effect of monetary policy tools which can effectively guide the market funds flow,reduce the market interest rate fluctuations,reduce the financing cost of the whole society.The fifth chapter is the conclusion and relevant policy suggestions.On the basis of theory and empirical research in the article the main conclusion,namely our country structural monetary policy instruments in reducing both liquid,directional guide money flows,actively adjust the interest rate has a significant effect,but there exists information opaque,to lower long-term interest rates adjust deficiency,and aimed at the present stage our country structural defects of monetary policy tools to optimize the policy suggestions.