The Empirical Reseach On The Transmission Effect Of Our Country Monetary Channel

Monetary policy is an important Macro-economic policy, and the transmission mechanism of the monetary policy is the main content of monetary policy, it count how monetary policy to essential xommerce, it is the base of the validity of monetary policy. According to the different kinds of substitution relationship between bank credit and other financial properties, the transmission mechanism of the monetary policy can be divided into credit channel and monetary t channel. At the planned economy period, our country's monetary policy mainly depends on credit channel. But along with the change of our macro-economic environment and the rapid growth of the economy, our country's monetary policy gradually turns to the monetary channel. But whether the monetary channel is effective or not, it needs to use the statistic methods to check it.This paper first elaborated the general theories of the monetary channel. It contains rate transmission, asset transmission and exchange rate transmission. Then it introduced the developing process and future trend of the monetary policy.By using co-integration analysis, this paper did an empirical research on rate channel, asset price channel, and exchange rate channel respectively. GDP, the total retail amount of social consumer goods, total amount of fixed assets investment, one year's lending rate, Shanghai composite index, and the exchange rate of Yuan per US Dollar are chosen as samples. In the empirical research, first did unit root test to the time series to estimate its placidity, then did an co-integration test, at last using Granger causality to test the cause and result relationship between the time series. We can draw a conclusion that our country's monetary channel is less effective and it is not smooth.Based on the result of the empirical study, this paper analyzes the reasons and proposes some suggestion to enhance the validity of the monetary channel.