| Due to the short-term interest rate constraint of traditional monetary policy,the obstruction of transmission channels at low interest rates,the impaired credit market and the unbalance structural functions,Traditional monetary policy needs to coordinate with the directional fine-tuning function of structural monetary policy to meet the requirements of capital layout and economic structure transformation and upgrading,and achieve total quantity stability and structural optimization.This paper integrates traditional and structural monetary policies into an analytical framework,and compares and analyzes the industrial asymmetric effects of different policy combinations,which is conducive to improving policy effects and promoting industrial structure upgrading.By combing and summarizing the formation mechanism and influencing factors of industrial asymmetric effects of traditional monetary policy and structural monetary policy,and reviewing the status of China’s monetary policy operation and industrial development in 2007-2018,it is found that the secondary industry is most sensitive to monetary policy.On the basis of theoretical basis and objective law,this paper will carry out empirical tests from three industry and industrial sectors.Structural monetary policy takes directional reduction as an example to construct VAR model and analyze impulse response.The result is consistent with the theoretical and objective laws.Monetary policy has significant asymmetric effects among the three industries.The secondary industry is most affected by the impact of monetary policy,followed by the tertiary industry.The primary industry has the weakest response,but there are obvious policy lags.The combination of traditional and structural monetary policy can iron the peak and narrow the gap between the three industries,which is conducive to optimizing the industrial structure.Monetary policy has the greatest impact and strong continuity on the secondary industry.In order to further study the asymmetric effect of monetary policy on the secondary industry,the panel data of 34 industrial sectors are used to compare and analyze the asymmetric effect of the traditional monetary policy and the policy combination after adding the directional reduction.It is found that,first,whether it is a traditional monetary policy or policy portfolio,there is indeed an asymmetric effect between industrial sectors.Second,the combination of traditional and structural monetary policy has a significant directional adjustment function.On the one hand,the combination of traditional and structural monetary policy is conducive to promoting the transition of monetary policy from quantitative to price-based,highlighting the policy guiding role of market-based interest rates,but the effect of internal structural adjustment in the industrial sector is not obvious.Combining the results of theoretical analysis and empirical test,This paper proposes to implement a targeted supplementary mechanism to improve the pertinence and forward-looking of the monetary policy combination;improve the financial market organization basis to unblock the monetary policy transmission channels;improve the structural monetary policy operation to promote the industrial structure transformation and upgrading and other aspects. |
