The Study On The Loan Behavior Of Commercial Bank And The Effectiveness Of Monetary Policy

In the literature of western monetary theory, the effectiveness of monetary policy means that whether the monetary policy induces the corresponding real economic variables. And the researches of this effectiveness mainly focus on three aspects: first, whether money affects output aggregate by the numbers, namely, whether money is neutral; second, how the money affects nominal variables and real variables of real economy in regular sequence, that is to say, how the monetary policy transmits effectively; third, if the monetary authority can control money. This paper focuses particularly on the second aspect on the assumption that money is non-neutral at least in short-term. However, the theory of the transmission mechanism of monetary policy is full of dispute. The conventional monetary channel and the fashionable credit channel of the monetary policy transmission are coexistent. In china, on the precondition of the economic system and financial system which are specially established, the credit channel of the monetary policy transmission which plays a supplementary role in western countries' transmission mechanism of monetary policy is dominant. So, the effectiveness of credit channel of monetary policy transmission is not only lying on loan or other incomplete fungible financial assets, but also lying on inclination and ability of debit and credit.Commercial bank plays an important role in the credit channel of the monetary policy transmission; its actions represent the inclination and ability of credit. And whether the monetary policy can put in practice is decided by commercial bank's credit actions according with the monetary policy of the central bank. In china,...