Research On The Timeliness Of Monetary Policy Transmission Mechanism In The New Era

Monetary policy as an important method of our national economy regulation, the main role is to stabilize the price level and promote stable economic growth.In1998, China gave up the direct control of the size of the money supply and credit, and take two channels of economic regulation which are the mechanism of the monetary and credit channel through the implementation of monetary policy indirectly. In the past, the research on the transmission channels of monetary policy proved that there is no fixed transmission relationship between them. The current "new normal" requires the more effective and stable monetary policy, so the goal of the monetary policy transmission mechanism has a new requirement, and the depth study is necessary.For this purpose, firstly this paper refers to the domestic and foreign relevant theories. Secondly, in view of the currency channels has been more fully discussed in the main economics such as Keynesian economics, so this paper mainly focuses on credit theory. Based on CC-LM and financial accelerator theory, we selected the quarterly data in 2000-2014 GDP, credit scale, monetary supply, through the SVAR to explore the relation between three variables quarter data, and found that credit channel played a role in stabilizing and promoting the economy better than monetary channel.Then, on the basis of the use of the model DSGE, adding CPI variables and others, The more complete dynamic model was established. Through the DSGE, research indicated that adding more economic factor relate to the economy has weakened the two channels, but the credit channel of transmission mechanism of monetary policy is more applicable to the conclusion of our current economic situation. Finally, based on the analysis above, this paper makes some suggestions on how to make better use of the credit channel policy under the new normal situation, which involves many aspects such as credit market regulation, information asymmetry processing method and so on.Need to be explained, this article also has some deficiencies, such as the method of processing data has limitations, and there are strong structural constrains.