Choice Of Tools Of Monetary Policy And Analysis Of Its Effectiveness Since 1998

With the enforcement of monetary policy in modern sense since 1998, a host of challenges confront choice and exertion of tools of monetary policy in our country; when effectiveness of monetary policy is faced with new economic situation, it also comes up against difficulties. This thesis is the very attempt to bring choice and exertion of tools of monetary policy into a new analytical framework and analyze the effectiveness of sound monetary policy, and on the basis of that puts forward the thinking of strengthening effectiveness of monetary policy. In the transition progress, monetary policy has general characteristics of public policy, and has characteristics of monetary policy itself. Therefore, studying on choice of tools of monetary policy and analysis of its effectiveness since 1998 has theorical meaning and actual meaning for studying making and implement of public policy during transition period.This thesis is composed of four parts.The first part is the part of basic theory, which mainly expatiates on basic framework in the monetary policy, the division of tools of monetary policy, and its theorical relation with effectiveness of monetary policy.The second part introduces choice and exertion of tools of monetary policy in our country since 1998, establishing the basis for next analysis of effectiveness of sound monetary policy since 1998.The third part analyzes the effectiveness of sound monetary policy, then probes into the cause that leads to the time lag of effectiveness of sound monetary policy in our country from monetary policy transmission mechanism perspective.Based on the former analysis, the fourth part puts forward the totally thinking of improving effectiveness of monetary policy. Emphatically from the angle of tool improvements and monetary policy transmission mechanism, it provides some advice for further improvement of effectiveness of monetary policy in our country.