The Money Policy Rule And Demonstration Test In China

In recent years, there was a great deal of to adopt the new-Keynesian policy rule in research of monetary policy. It not only inherited the traditional rigid theories of Keynesian , putting together the macroscopic and microscopic view again, from the family and business enterprise of superior turn the behavior to lead a distance with square total amount behavior, carry on the monetary policy analysis with the general balanced model of the dynamic state of the actual economic period theories.Firstly, We set up stickiness price descend is superior to turn the general and balanced dynamic state model of the behavior according to the corpus, the model is constitute by these three square distances of the IS square, Phillips square and the interest rate rule( IR):See from the theories origin of that model, the realistic background of the model is an interest rate that can float at liberty; more perfect the market mec- hanism. But our country has been practice the policy operation toward the interest rate and the foundation currency control, interest rate actually equal to policy tool, to exam the monetary policy must notice this basic premise well. According to the not neutral principle of the currency of the Keynesian, the fluctuation of the currency because of can affect the fluctuation of the interest rate to then affect to produce. So, in the economy that the lending rate floats freely, the market interest rate is a monetary policy of in lie the target, the policy operation mainly is to regulate the foundation currency quantity. Even be like the adjustment of the American pair of scrolls nation basis interest rate, its target also mainly is for the sake of the influence market interest rate. But, if the market interest rate can't float freely, will not take place the broad sense...