The Research Of Chinese Monetary Policy Transmission Channels’ Industrial Asymmetry

As the economic development and the improvement of the financial system of China,ourcountries’ monetary policy on the overall macroeconomic condition and the operation results isenhansing gradually.Whether the monetary policy transmission channels is reasonable andeffective affects the results of the monetary policy directly.In different stages of a country’seconomic development,the status and the function of different transmission channels wouldchange accordingly.Therefor,it is significant to coordinate and improve the effect of China’smonetary policy transmission channels on the macroeconomic.In the past,few economists studied the industrial asymmetric effect of the monetary policytransmission channels synthetically.In fact,they influence our country’s macroeconomicsynthetically,thus we should focus on the impact of each transmission channel to the threeindustries.In this way,the authority could formulate monetary policy based in different industriesto achieve the expected results of monetary policy.This paper mainly study the industrial asymmetric effect of the four kinds of monetarypolicy transmission channels，which includ the interest rate transmission channels、the exchangrate transmission channel、the credit transmission channel and the asset price transmissionchannel.Using loan interest rates、 market capitalization、financial institutions credit scale and theexchange rate as the main object of study,my paper discusses the effect of four monetary policytransmission channels on China’s economy by establish three VAR models for different industriesand utilize other time series econometrics methods.Furthermore,I analysis the differences and theressons of the monetary policy transmission channels’ effects on different industries.Finally,contrasting the results of the VAR model and the TVAR model,this part make a further analysis ofeffect of the monetary policy transmission channels on GDP of three industries.The empirical results implies the four kinds of monetary policy transmissionchannels,which includes the interest rate transmission channels、the exchang rate transmissionchannel、the credit transmission channel and the asset price transmission channel,influence thethree industries of China in different patterns.The exchang rate transmission channel and the credittransmission channel mainly effect the first industry,whereas the exchang rate transmissionchannel and the asset price transmission channel influence the second industry and the thirdindustry a lot..