The Industrial Asymmetry Of Monetary Policy In China

Monetary policy has always been one of the important means of macro-control by central Banks.Since the reform and opening-up policy,China has gradually established the socialist market economy system,and the China's GDP has developed rapidly.China has become the world's second largest economy.However,With the rapid development of economy,the development of regional and industrial imbalance has become an obstacle to China's economic development.At this point,strong macroeconomic regulation,including monetary policy,is needed to guide the economy in supply-side structural reform.Due to the "constitution" of each industry is different,Whether there is a difference in the effects of a unified monetary policy on different industries is one of the important factors that need to be considered before the central bank implements monetary policy.For a long time,scholars have conducted extensive research on this question,but the research object focuses on the three major industries,and the research methods are mainly VAR.Based on the IS-LM model,this paper deduces the relationship model between the money supply and different industrial GDP,and discusses the industrial asymmetry of monetary policy on the basis of adjusting the industrial division.This article is divided into five chapters.The introduction of the first chapter introduces the main background and practical significance of this research.In addition,this chapter also briefly reviews relevant research achievements at home and abroad,and describes the innovation and structure of the paper.The second chapter introduces the theoretical of monetary neutrality,the transmission mechanism of monetary policy and trial asymmetry of monetary policy.The third chapter mainly introduces the build and estimation of the model.Based on the IS-LM model,this paper deduced the relationship between money supply and output model,and the quarterly data from 1996 to 2017 were estimated using OLS method.The fourth chapter is the industrial asymmetry of China's monetary policy.Using the methods of Chow test,it proves the existence of asymmetry,and calculates the total effect and the average lag period.Chapter five is the summary and policy suggestion.Based on the fourth chapter,the author puts forward the proposal of monetary policy based on the empirical results.At the same time,it lists the shortcomings of this article and the areas that need to be improved.In this paper,the existence of non-symmetry of China's monetary policy industry is proved based on the empirical evidence.At the same time,it is pointed out that the spot effect and inertia effect of money supply will affect the total effect of monetary policy and the average lag period.In addition,this paper also clarified the important position of CPI in monetary policy.On the basis of empirical and conclusion,this paper points out that monetary policy should be taken into account in the monetary policy,the industrial asymmetry and the maintenance of CPI stability should be considered.