Researclh On The Industry Asymmetry Of Monetary Policy In China

Monetary policy has the characteristics of macro-aggregate control.The change of monetary policy will affect the operation of the whole economy.However,due to the differences between different industries,the implementation of differential monetary policy for different industries is conducive to balanced economic development.As for the choice of industries,the healthy development of manufacturing industry is very important to promote the development of national economy because of its large proportion in the national economy.And most of the manufacturing industry is labor-intensive industry,its demand for labor can partly solve the problem of unemployment,so this paper studies the manufacturing industry.The predecessors studied the effect of monetary policy on different industries mainly from the credit transmission channel,taking the money supply as the index of monetary policy.At present,the broad money supply has reached a stage peak,but the global economic output has not significantly improved,which indicates that the broad money.The role of supply in the transmission of monetary policy is weakening.In addition,China has just completed the process of interest rate liberalization,the conduction of interest rate should be strengthened.Moreover,China has simplified the procedures for listing approval of enterprises,lowered the threshold for enterprises to enter the securities market,and the role of asset prices in the transmission of monetary policy will be strengthened.Under the change of financial environment,the mechanism of monetary policy acting on the industry may have changed.Firstly,this paper combs the mechanism of monetary policy's impact on real economy from the theoretical point of view,then studies the effect of generalized money supply,interest rate,asset price and credit scale on economic output by using VAR model,and establishes VAR model for each manufacturing industry to verify the existence of monetary policy industry effect.Based on the conclusion of other scholars that profit margin can improve the financing ability of enterprises,this paper innovatively adds profit margin index and uses panel data model to study the effects of industry profit margin,industry average scale,industry labor intensity and industry asset-liability ratio on the sensitivity of monetary policy.Through the above research,this paper finds that monetary policy can act on economic output through credit channel,interest rate channel and balance sheet channel after the financial market changes in China,but for most manufacturing industries,the increase of asset prices has no impact on industrial value-added,or even negative impact on the industry.Profit margin,industry average size,industry labor intensity and industry asset-liability ratio are the reasons for the industry effect of monetary policy.Finally,this paper gives the government the perspective of promoting the transition from monetary policy to price regulation,guiding rational investment in manufacturing industry,providing targeted financial services for small-scale manufacturing enterprises,enhancing the sensitivity of large-scale industries,implementing differentiated monetary policies for different industries,and improving the smoothness of monetary policy transmission to industries.Suggestions were made for macroeconomic regulation and control.