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An Empirical Study on Efficiency of Transmission Mechanism of China’s Monetary Policy

Author: JieYiJun
Tutor: GuoDeRen
School: Northeastern University
Course: Quantitative Economics
Keywords: Monetary policy Transmission mechanism VAR Impulse response function
CLC: F224
Type: Master's thesis
Year: 2007
Downloads: 44
Quote: 0
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Abstract


With the establishment and development of China 's market economy , \the scale also played the role of intermediate targets . May be appropriate in order to test the intermediate target of monetary policy transmission mechanism and the actual results of the ultimate goal , and different intermediate target , the paper summarized the theoretical study of the monetary policy transmission mechanism based on analysis of the course of development of China 's monetary policy and the conduction mechanism changes , the establishment of a the VAR system composed by M1, the total loans of financial institutions , industrial added value , the rate of inflation , and impulse response analysis . Empirical test of the effectiveness of the monetary policy by the monetary channel and the credit channel conduction , the results show that : through monetary channels of monetary policy , has a significant role in the short-term price stability in the long term , the effect is not obvious ; empirical test also found a positive correlation between economic growth and money supply , by adjusting the money supply , can stimulate or maintain a certain degree of economic growth trends . In addition, the conduction of monetary policy through the credit channel , and not promote price stability has not achieved good results in promoting economic growth . Found by comparing the two monetary policy transmission channels for this article , has a certain effect since 1994 , of the implementation of monetary policy is price stability and promote economic growth . In contrast , monetary channels is more effective in the conduction of monetary policy in China , which fully reflects the effect of the central bank money supply as an intermediate target .

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