A Study On The Effect Of Interest Rate Marketization On The Transmission Efficiency Of Monetary Policy In China

Monetary policy is one of the important means for a government to carry out macroeconomic regulation and control.Monetary policy means usually include the adjustment of the deposit reserve system,open market operations and rediscount policy ect.,through the use of these monetary policy means,the government can regulate the money supply,then control the interest rate,and ultimately achieve the goal of macroeconomic regulation.By these tools,Monetary policy transmission mechanism can control the middle variable to achieve the target.Although the debate that Monetary policy is neutral or non-neutral always exists,the economists have a common view:the currency is short-term non-neutral,and in the long run is neutral.Based on this conclusion,This paper will discuss the efficiency of monetary policy in the context of market-oriented interest rate reform.From the point of view,the paper finds that the coefficient is the variable,and the change related to the degree of interest rate marketization in the model of monetary transmission to real total output.Through the estimation of the coefficient,the degree of marketization of interest rate can be closely linked.In addition,we know that what role the monetary policy plays depends that the size of monetary policy transmission mechanism can run effectively.In the market of economic system,the market in the allocation of resources plays a fundamental role,and the market also plays its function of resource allocation by the price.Whether in commodity markets or capital markets,price decision theory plays a vital role.Since the reform has been open,China's commodity economy development achievements are obvious to all.China has basically completed the transition from the socialist planned economic system to the socialist market economic system.In essence,we solved the long-troubled market supply of goods and demand between the contradictions.Despite the economic system reform has achieved some success,the financial system reform did not achieve the desiring results.Therefore,the study of monetary policy efficiency in the context of interest rate marketization reform can provide some reference for policy-making authorities and macroeconomic activities.Based on the empirical analysis,this paper chooses the macroeconomic data from 2002 to 2015 to study how the transmission efficiency of China's currency transmission mechanism is going in the environment of interest rate marketization reform.In this paper,by analyzing the evolution of interest rate market,this paper analyzes the evolution of interest rate marketization in China,and sets up the exponential function of interest rate marketization,constructs the market data of interest rate market,then uses the nonlinear autoregressive distribution delay model.The efficiency of money transmission is studied emphatically,and finally,the relevant policy suggestions are put forward from the research results.