Research On China 's Optimum Monetary Policy Rules Under Viscous Information

Monetary policy is one of the important means of national macro-economic control.Appropriate monetary policy can promote economic growth and help ironing economic fluctuations. Monetary policy also has been one of the focuses of the economic theoretical,relevant theory also emerge in endlessly. For the analysis of the monetary policy rules are generally based on the traditional Dynamic Stochastic General Equilibrium Model(DSGE).Sticky information theory is to appear one of the theories of incomplete information in the recent ten years. This thesis firstly introduces the sticky information Phillips curve model.Then this thesis study on the applicability of the sticky information theory in China through the empirical. Finally, it introduces the optimal monetary policy problem under the sticky information.This thesis first introduces the views of domestic and foreign scholars on the sticky information and the theory of optimal monetary policy, and points out the research methods used in this thesis. On this basis, This thesis introduces the definition of sticky information and the Phillips curve model of sticky information,and by using the country’s economic data test the applicability of the Phillips curve model of sticky information in China, the results show that the Phillips curve model of sticky information can be used to analysis the economic realities of our country. Then, through the introduction of the objective function method, this thesis studied the optimal monetary policy under the sticky information; the conclusion is that the price type of monetary policy is more advantageous.And through the empirical analysis, get the price-level target to achieve the ultimate goal of price stability in the central bank. Again next, this thesis qualitative analysis of the advantages of a price-level target, and introduces the implementation of price-level target required conditions and obstacles. Finally, this paper puts forward our country’s monetary policy ought to be transformed gradually towards price targeting, and according to the possible problems in the process of transition, related Suggestions are put forward.