Research On The Effectiveness Of China's Innovative Monetary Policy Tools

Under the background of "new normal" economy,changing the macro economic situation at home and abroad,such as foreign exchange rate greatly reduced and the banking system in 2013 production of "money shortage",etc.,the macroeconomic situation changes leading to a lack of liquidity in the banking system,systemic financial risk rising problems appear,which requires in monetary policy can be fully regulate liquidity in the banking system as well as to prevent systemic financial risk.On the premise of constantly promoting interest rate marketization process,more shoulder the stable monetary policy market interest rate,reduce the financing cost of difficult mission,and in this context,short-term liquidity adjustment tool(SLO),stock lending facilities(SLF),medium term borrowing facilities(MLF)and mortgage loans(PSL),and other innovative monetary policy tools came into being.This paper is based on the combination of qualitative analysis and quantitative analysis on the premise that a series of new monetary policy tools are generated and applied for a period of time to demonstrate the effectiveness of the new monetary policy tools for the adjustment of monetary policy intermediary target money supply.First,sort out the relevant literature on the innovative monetary policy tools,and clarify the meaning and purpose of this writing.Secondly,briefly describe the innovative monetary policy tools and sort out the current status of their use to form a preliminary understanding;then qualitatively analyze the transmission mechanism of the innovative monetary policy tools and their respective impacts on operational objectives,intermediate targets,and ultimate goals,and understand the effectiveness of their innovative monetary policy tools;again,the implementation of innovative monetary policy tools.Quantitative analysis is carried out in comparison with the implementation effect of traditional monetary policy tools.Impulse response analysis and variance decomposition analysis are used to compare the adjustment of monetary policy intermediate target money supply by existing monetary policy instruments.Finally,according to impulse response analysis and variance decomposition.The empirical results such as analysis are summarized from the economic point of view,analyzing whether the existing monetary policy is effective,judging its effectiveness,and at the same time,the existing monetary policy tools have a regulating effect on the money supply,including the mortgage supplementary loan(PSL).In conclusion.The adjustment effect of PSL is the best,the adjustment effect of the loan facility(SLF)is not significant,in addition to understanding the short-term lag of the open market business,after understanding the existing limitations,this paper believes that it can be from the innovative monetary policy tool and the traditional monetary policy.Reasonable collocation,jointly adjusting the domestic economy,optimizing the financial market,unblocking the transmission channels of the People's Bank of China's monetary policy,improving the operating environment of the national debt market and the operating environment of the SLF,adjusting its adjustment effect,and making the use of monetary policy tools More promote the development of the real economy.