Study On The Effectiveness Of The Regulation Mode Of Interest Rate Corridor In China

Since the 80s of last century,the way of monetary policy adjustment has been changing from quantity to price.The "interest rate corridor" is the new monetary policy regulation mode in the process of this transformation,which has the effect of regulating the short-term interest rate and reducing the volatility of interest rate,making it the object of the current monetary authorities.In recent years,the relationship between China's monetary supply and macroeconomic fundamentals has become weaker and weaker,and the effect of monetary policy through the interest rate channel has been strengthened.Under this background,the people's Bank of China has increasingly emphasized the importance of regulating the price based monetary policy tools,represented by interest rates.In 2013,the Central Bank of China gradually set up different loan facilities for different periods,and began to set up the preparatory work of the interest rate corridor system.First,the article summarizes and collate the research contents of the interest rate corridor mechanism at home and abroad,and reviews the theories related to the interest rate transmission mechanism of monetary policy,and explains the credit channels and asset price channels of interest rate conduction,and finally concretely discusses the operating mechanism and the implication of the interest rate corridor.The noticing effect and the economics principle of interest induction are introduced.In addition,the construction and operation,successful experience and problems of interest rate corridors in euro area,Canada and the United States are reviewed and summarized.At present,our country has initially realized interest rate marketization,the scale of interest rate system and interest rate product is expanding,the status of the factors of interest rate corridor,such as Shibor interest rate and convenient interest rate,has been gradually clear,The creation of a variety of new monetary policy tools also provides a good market environment for the operation of interest rate corridors.The embryonic form has appeared in our country.In order to study the operation effect and effectiveness of the current interest rate corridor regulation mode in China,this paper makes an empirical analysis on the effect of the VAR model on the interest rate of the monetary market through the function of the permanent loan convenience operation,and then through the asset price channel to influence the asset price of the financial market and the effect of the change of consumption,investment and production.The results show that the impact of the current interest rate on consumption,investment and output is not smooth,and the Tobin q effect and the wealth effect are not obvious.In order to improve the control effect of the interest rate corridor mechanism in China,we should speed up the construction of the mechanism of the market interest rate generation in the future;at the same time,we should improve the facilities for the permanent lending facilities,coordinate the operation of the public market,improve the transparency of the monetary policy,deepen the reform of the financial market,promote the construction of the linkage in the financial market,and speed up the business.Banking system reform will improve interest rate sensitivity of commercial banks,enterprises and residents.