A Study On The Structure Effect Of Income Created By Chinese Monetary Policy

Domestic and foreign scholars have studied the quantity effect of monetary policy for many years, and they have made many great discoveries. But, never had we studied the structure effect of monetary policy, for it never exist? We know that the gap between the rich and the poor have been wide all the years which makes our society more and more unstable. Can we narrow the gap by monetary policy? none have give us a definite answer. If we can certify the structure effect of monetary policy, we can make some contribution to our monetary policy operation, more important, we can settle the trouble which has disturbed us for long. That is why we study the structure effect of monetary policy in this paper.At first, we review the document of monetary policy, then concern on the monetary policy transmission mechanism, analyze the possibility of structure effect of monetary policy. Then shift our attention to the classic monetary policy transmission mechanism, we use the data provided by National Bureau of Statistics to prove that Chinese monetary policy do have structure effect on income. Then we make further study to find some unique reason for the existence of that effect in China.Now, theoretically, monetary policy does have structure effect on income, but we need to certify it by positivistic method to make it more convinced. We choose the most popular SVAR model to solve that problem. First we established a SVAR model, then identified the model, assess the structure effect by impulse response function method. At last , we made some proposal to make our income structure more rational by monetary policy method.