The Conduction And The Effect Of Monetary Policy In The Main Industry

With the unceasing change of economic situation, the increase of the control of direction and purpose to the research on the effects of monetary policy of different industry plays a very important significance, on the one hand can measure the influence degree of the monetary policy for various industries, so as to take moderate monetary policy, to prevent the policy effect too much or fail to meet expectations; On the other hand, the effect of monetary policy transmission between industries, for different industries, especially in sensitive sectors gives its monetary policy can adapt to the policy of the time, minimize adverse impact on the industry policy, cooperate with the national macroeconomic regulation and control, better play to the role of monetary policy.This article can be divided into two parts, the first part is to establish a monetary policy transmission channels and mechanisms between industries. The monetary policy transmission channels and mechanism research, generally confined to the macroscopic Angle, has not been analyzed related research from the microscopic view. In this paper, the mechanism of monetary policy transmission channels and extended to the microcosmic aspect, the micro transmission channels between the industries and mechanism in detail in this paper. In order to study the effect of monetary policy to all the various effect, this article will be on the basis of previous studies, according to the actual connection between industries, put forward the external transmission mechanism of two micro channels, channels of input and output table and asset investment flow channel. In the transmission of monetary policy, especially for the industries of monetary policy conduction of monetary policy after the pathway to the various industries, and is not an impact on the final result, but through the connection between the various industries, namely the input-output table channels and asset investment flow channel, after many times of conduction and influence each other to form the effects of monetary policy.The second part is in after the construction of the transmission channels and mechanisms, using GVAR model to various industries during 2003-2014 monthly variable model analysis, and then from the Angle of monetary policy transmission mechanism of monetary policy impact on the industry of specific performance, and based on the monthly data from 2003 to 2014, using the modified GVAR model and impulse response function to carry on the empirical analysis, finally puts forward relevant policy Suggestions in order to offer some reference to China’s monetary policy.On the whole, for the same economic indicators in different industries, the impact of monetary policy is different, including the impact and influence the direction of the different size, which means the various impact of monetary policy on the influence of the same economic index of different industries with asymmetry, this is the economic and technological level in different industries as well as the operating conditions and so on all aspects of the difference. Specifically, the interest rate will impact on asset investment in sensitive industries, and less industry influence on the products trading, currency and the quasi currency impact on asset investment sensitive industry and trade industry influence is bigger, the bond ending balance of impact on product trade had a greater influence on the industry, and less sensitive to asset investment industry, credit scale will impact on asset investment impact of sensitive industries.Micro in order to better play to the monetary policy transmission channels--input-output table and asset investment flow channels, respectively, the paper puts forward the corresponding policy recommendations. For input and output channels, from two aspects of product market and technology promotion, for the assets investment flow channels, from the stock market, bond market and private lending market put forward the corresponding policy recommendations.According to the result of model analysis and conclusion, this article from the perspective of a specific industry and the industry monetary policy Suggestions are given respectively.