Research On The Industry Effect Of China's Monetary Policy

Monetary policy refers to the economic intervention behavior of central bank to adjust a variety of control measures such as money supply,interest rate,and credit scale in order to achieve specific economic goals.Monetary policy has the characteristics of total volume regulation,and it has widespread impact on the economy.However,compared with the aggregate adjustment characteristics of monetary policy,the real economy has shown a strong structural nature due to the industry differences.In the face of the top-down monetary policy of central bank,the responses of various industries have shown imbalanced characteristics.In this case,it is difficult to ensure the balanced development of various industries during the implementation of monetary policy.The structural differences industries directly affect the regulatory effects of monetary policy.The article studies the industry effects of monetary policy in China,including the asymmetry of the effects of monetary policy in different industries,and the differences between industry effects under tightened and loose monetary policies.Through the analysis of the article,it is possible to deeply study the response of various industries to monetary policy,and provide a new basis for the central bank to formulate a structural monetary policy.Therefore,it is of great significance to study the industry effects of monetary policy in China at this stage.The paper analyses the monetary policy industry effects from both theoretical and empirical aspects.It reviews the domestic and foreign literature on the effects of the monetary policy industry,and based on this,it analyzes the formation mechanism of the monetary policy industry effects,and builds an empirical model for research based on theoretical analysis.The article selects the annual data of 32 industry segments from 2003 to 2017,and establishes a fixed-effect panel data model,which confirms that there is a significant asymmetry in the output of the monetary policy industry in China.Current ratio and factor density are the causes of asymmetry in industry output.Finally,the article empirically studies the differences between the industry effects of loose and tightened monetary policy industries,and finds that the industry effects of loose monetary policy are stronger,and the impacts of different industries are more different.