Study On The Conduct Effect Of The Interest Rate Of Monetary Policy Of Our Country

The main topic of this paper is the study on the interest rate conduct effect of our country's monetary policy. Based on the systematical analysis of the interest rate conduct theory and its development, according to different sample periods and from various angles, this paper analyzes the interest rate conduct effect of monetary policy and its microeconomic foundation. According to the problems of interest rate conduct effect of the monetary policy, some recommendations are proposed to benefit the monetary policy's formulation and macroeconomic adjustment and control.The paper divides into five chapters altogether. At first, this text reviews monetary policy conduct theory briefly; make a concrete analysis of interest rate conduct effect of monetary policy. Generally speaking, two most important schools researching the conduction mechanism of the monetary policy in the western financial theory are both of Keynesianism and Monetarism. Conduct effect of interest rate of monetary policy mainly concludes the mobile effect, interest rate investment and consumption effect, Tobin's Q effect, Annie's permanent long income effect, assets adjusting effect and true capital price effect of interest rate etc.Chapter two of this text has analyzed the influence that the current interest rate system and existing problem and control of interest rate in our country conduct to the monetary policy. Subject matter for interest rate overall is that its low side, and its twisted structure etc., which not only restrict the validity Central Bank uses the interest rate mechanism to carry on macro adjustments and control, but also make artificial destruction in interest rate balance mechanism.Chapter three conducts research of interest rate effect of our country's monetary policy from many angles. Utilizing Pearson coefficient correlation, it analyzes the relations between the explicit interest rate, true rate of interest and main economic variables, such as consumption, monetary delivery volume and output etc, and according to different sample period, it also sets up regression model, using ECM model to carry on regression analysis between the main economic variables, and in order to understand the interest rate of monetary policy more clearly, according to VAR model and currency theory, this text has also compared different conduction mechanisms of monetary policy. Thus we can draw the same conclusion from different angles: Though the main economic elasticity to the interest rate of variable of our country is not high at the present stage, but with the deepening of market-based interest rate, it is more and more obvious that the interest rate of monetary policy conducts the effect, and the function of the interest rate is more and more important.Chapter four of this text conducts the analyses on the interest rate of monetary policy from three following respects: First, from the economic behavior of micro subject, it has analyzed enterprises, residents' interest rate elasticity mainly; Second, it is the analysis of capital market behavior; Third, it analyses demand for money behavior with main analytical methods of regression analysis and ECM model. We Can know from this chapter that economic behavior, financial market behavior, behavior of demand for money of the economic subject of our country become more and more reasonable; But the reflection degree to the monetary policy of economic subject of different ownership is different: The state-owned enterprise is low in reacting to the interest rate signal, lack of the due reason under the market-based environment of interest rate, non-state enterprise and resident have stronger interest rate sensitiveness. Generally speaking, the good micro foundation still needs to foster further under the market-based environment of interest rate.Finally, according to the problems of interest rate conduct effect of monetary policy, it mainly concentrates on conduct intermedia of interest rate, the conducting object and financial market etc. So, in order to perfect the interest rate conduction...