Study On The Effect Of Monetary Policy On Economic Growth In China

Economic growth is a constant research topic in the national economic life,and countries around the world are constantly trying to promote economic development.China's reform and opening up 30 years,under the correct leadership of the CPC central committee,the economic level of development in our country,also gradually play an important role in the world,also makes our country's economy as the world's second,and then to become the world's second-largest economy.And as one of the two major macroeconomic policy,monetary policy in macroeconomic regulation plays an important role,in the face of the complex economic environment home and abroad,our country present stage in terms of macroeconomic regulation and control measures,and focuses on the flexible moderate implementation of prudent monetary policy.It is also the research direction of the paper that how to regulate the operation of economy through monetary policy and how to influence the operation of economy.Papers related to monetary policy and economic growth index as the research object,using literature analysis,theoretical analysis and empirical analysis method and so on,in strict accordance with the research direction from theory analysis to practice analysis,before the academic research literature review,on the basis of finishing the relevant indicators of monetary policy in our country,to study the practice of monetary policy impact on economic growth in China,the finance,finance,statistics and other relevant knowledge comprehensive utilization,discusses our country monetary policy influence on the economic operation,and on the basis of constructing the monetary policy and economic growth empirical model,using the relevant index data for analysis.The study of the paper is composed of several aspects: one is the relevant literature study on the impact of monetary policy on economic growth.Second,the basic theory of monetary policy and economic growth.Third,the empirical model of monetary policy on economic growth is built.Fourth,based on the theoretical and empirical analysis of the paper,the author puts forward some policy Suggestions on the economic growth of monetary policy.After the above theory and empirical research,this paper's main conclusions are:The monetary growth rate,interest rate,exchange rate of different lag,the control effect of different in different periods of economic growth.With monetary growth rate,interestrates,exchange rates for monetary policy is monetary policy intermediary variable in controlling effect on short-term effect on economic growth is not obvious,there is delay.In the short term,given interest rates after a positive impact,can promote the growth of the economy,but the long range,but have the opposite effect on the economy.In the long run,exchange rate policy adjustment,the appreciation of the RMB will promote economic growth,and the control effect of exchange rate policy in continuously strengthen.The growth of the money supply has a promoting effect on economic growth,and to adjust money supply means of effectively promoting effect on economic growth in recent years in effect with persistence.The effect of interest rates and exchange rates on economic growth is increasing in recent years with the continuous improvement of interest rates and exchange rate.And the use of money supply is becoming more and more mature for economic growth.