Research About Behavior Of Commercial Banks And Efficiency Of Monetary Policy

In order to research the influence of commercial banks behavior on the efficiency of monetary policy, in this paper, commercial banks behavior were divided into price behavior, non-price behavior and investing behavior according to viewpoints about business enterprises behavior in Industry Organizes Theories. At first, this paper discussed the characteristics of both price behavior and investing behavior and their influences on the efficiency of monetary policy under the circumstance of marketed economy and transformational economy respectively, taking the United States and China as typical cases. Then within the fields of Behavior Economics and Economics of Information, the paper explored the reasons why the influence of commercial banks behavior on the efficiency of monetary policy was uncertain. At last, a stipulative contract was designed and some advances were suggested so as to enhance the efficiency of monetary policy.The results showed that both the price behavior and investing behavior of commercial banks, in some extent, departed the aims of monetary bureaus, under the circumstance of either marketed economy or transformational economy, and therefore affected the efficiency of monetary policy. This can be explained by limited rations of commercial banks, avoiding risk, departures of expectative economic environments from monetary policy aims, the existence of bureaus asymmetric information, and the behavior games between commercial banks and the bureaus, etc. Thus, in the author's opinion, it is critical to establish a stipulative contract by which to regulate the cost coefficients b and the income ratio β to enhance the efficiency of monetary policy, inspiring commercial banks to behave in accordance with the bureaus expectation as much as possible.