Research On The Effectiveness Of The Operation Of New Monetary Policy Tools

In the recent period,the changes in the domestic and international economic situation have led to the shortage of China’s basic money,which has affected China’s economic growth.This is a monetary policy goal.Therefore,in order to meet the needs of liquidity and ensure the stable growth of China’s economy,we draw on developed countries.With regard to the practice of new monetary policy tools and the specific national conditions of China,China has also implemented the practice of new monetary policy tools after 2013.These policy tools not only can adjust the liquidity of different maturities in a timely and effective manner,but also reduce the large fluctuations in interest rates,thereby reducing the risk of violent shocks in financial markets.Moreover,in the long run,borrowing and facilitating tools are gradually playing the role of interest rate corridors,which is conducive to China’s regulation of short-term interest rates and guiding medium and long-term interest rates.In the research process of this paper,we first analyze the ways in which monetary policy tools work,and then verify the theory from the empirical point of view,and analyze whether the new monetary policy tools have theoretically described in practice.Role,and at the end of the article to make recommendations for adaptation to make policy tools work better.This article can be divided into five parts,in addition to the introduction,there are four chapters.The first chapter is the theoretical basis,which outlines the monetary policy framework of our country,including the types of monetary policy tools and their transmission mechanisms.The second chapter is the practical application of writing new monetary policy tools in China.The actual operation of the new monetary policy tool is described statistically.The third chapter is the empirical process of the main body of the article.The Eviews software is used to carry out the test analysis.The standing loan convenience and the medium-term loan convenience are used as the research object to test the regression.The overnight,three-month and one-year Shanghai Interbank Offered Rate(SHIBOR)is an indicator to analyze the impact of new monetary policy instruments on market liquidity;Chapter 4 is the last part of this paper,first of all the new currency The conclusion that the policy tool operation is effective thenprovides a matching recommendation based on this conclusion.