Research On The Impact Of Innovative Monetary Policy Tools On The Income Gap Between Urban And Rural Areas

When traditional monetary policies cannot meet the needs of diversified economic and financial development,and the drawbacks of aggregate regulation have become prominent,the People’s Bank of China has creatively launched a series of innovative currencies such as SLO,SLF,MLF an d PSL,which have shifted from "flood irrigation" to credit institutions to "drip irrigation" in specific key areas,and the structural adjustment role of monetary policy has become increasingly prominent.While China has made a series of historic achievem ents in economic development,the problem of urban-rural income gap is still not optimistic.In order to solidly promote common prosperity and solve the problem of unbalanced and insufficient development,it is necessary to give full play to the structural role of monetary policy in income distribution to narrowing the income gap between urban and rural areas.This paper first theoretically analyzes the mechanism of the four tools SLO,SLF,MLF and PSL affecting the urban-rural income gap,and then builds VAR model and GVAR model respectively on this basis to empirically test the policy implementation effect of SLF,MLF and PSL,and concludes that the following conclusions: From the national level,innovative monetary policy tools such as SLF,MLF and PSL ca n indeed play a role in improving the urban-rural income gap.The impact of SLF has a certain time lag but the effect is the most significant;the impact of MLF has the characteristics of first improvement and then deterioration,because the liquidity support of MLF lacks continuity and has a certain spillover effect;PSL has the weakest effect but the longest duration.There is regional heterogeneity in the impact of innovative monetary policy tools on the urban-rural income gap in different regions.The implementation of SLF and PSL can significantly improve the urban-rural income gap in the western region,and the effect of MLF operation on the urban-rural income gap is more obvious in the central region.Finally,in order to better play the structural ad justment function of innovative monetary policy tools,this paper creatively puts forward four policy recommendations,namely,strengthening the structural adjustment role of the medium-term lending facility,actively using and innovating other structural monetary policy tools,using structural monetary policy to promote regional coordinated development,and strengthening Coordination of monetary policy and other policies.