Research On Industry Asymmetric Effect Of China's Monetary Policy

Monetary policy is an important means by which a country controls its macroeconomy and plays a crucial role in stabilizing the economic trend of a country.However,when studying the impact of monetary policy on the macroeconomy,it generally focuses only on the aggregate effect of monetary policy while neglects the asymmetry of monetary policy due to the heterogeneity of economic subjects,thus affecting the implementation effect of monetary policy.China is still in the process of optimizing and adjusting its industrial structure,and the development among industries is extremely unbalanced.Under such an economic background,it is of great theoretical and practical value to study the existence and causes of asymmetric effects in China's monetary policy industry.Firstly,this paper reviews various theoretical perspectives on the asymmetric effects of the monetary policy industry,explain the conduction process of quantitative monetary policy and price-based monetary policy,analyze the factors that affect the asymmetric effect of the monetary policy industry,and establish a model of a closed economy.Then,using the annual data from 1999 to 2015 to establish a panel data model of 34 industrial sub-industries in China to analyze the asymmetry effect of industries in our country whether there is monetary policy.The results show that the output of 34 industrial sub-industries in our country is greatly different from the whole industry in terms of output.And the differences among industries are very clear.From the industrial aspect,it confirms the existence of the industry effect of China's monetary policy.Furthermore,according to the established theoretical model and the previous scholars'experience that the relationship between industry heterogeneity and monetary policy industry effect,this paper selects eight economic indicators that reflect the characteristics of the industry,and uses principal component analysis to test and analyze the causes of the monetary policy industry effect.The results show that the factors that reflect the comprehensive characteristics of the industry and the factors that reflect the capital elements of the industry are the important factors that affect the asymmetric effects of China's monetary policy industry effect.By further analyzing the relationship between the M2 reaction coefficient and these two factors,it is found that the industry scale,competition degree and current ratio are negatively correlated with the industry effects of monetary policy,indicating that the smaller the industry scale and the more intense competition,the impact on monetary policy is more sensitive.The ratio of property rights,interest burden and debt-to-asset ratio are positively correlated with the industry effects of monetary policy.This indicates that the higher the property rights ratio,the greater the interest burden,and the higher the debt level of the industry,the greater impact of monetary policy on industry.