Research On The Impact Of New Monetary Policy Tools On Benchmark Interest Rate

In the post-financial crisis and post-epidemic era,and in the context of economic development entering the new normal,innovative monetary policy tools can better meet the optimization and transformation of the economic structure,and the continuous decline of foreign exchange accounts also requires the central bank to innovate monetary policy tools to supplement the liquidity demand of the market;The existence of the heterogeneity of monetary policy,the limitations of traditional monetary policy tools and other factors make it difficult for the original monetary policy tools to solve the structural imbalance of market liquidity.The introduction of new monetary policy tools alleviates the "discriminatory" financing policy,and can accurately and effectively provide targeted support for rural areas,small and micro enterprises and the weak links in the fields of people’s livelihood;The development of financial innovations such as shadow banking and Internet finance requires the introduction of new monetary policy tools to improve the market competitiveness of commercial banks and the regulatory ability of monetary authorities on policy objectives.However,the new monetary policy tools were introduced late,and there are still shortcomings such as poor policy transparency and bias towards short-term and medium-term regulation.Therefore,it is only a supplement to the traditional tools,and the effectiveness of the new monetary policy tools still needs to be continuously strengthened.With the establishment of the interest rate system combining the base rate and the market-oriented interest rate,the quantitative monetary policy has the obvious tendency to carry on the structural transformation to the price-oriented monetary policy,this makes the role of interest rate as an intermediary target more and more important.In conclusion,it is very meaningful to study the impact of new monetary policy tools on the benchmark interest rate.The study is based on the interest rate transmission mechanism in the monetary policy transmission mechanism,and carries out theoretical analysis according to the order of monetary policy and its tools,new monetary policy tools,and benchmark interest rate.On the basis of theoretical analysis,the paper uses VAR and VECM models for empirical analysis.Select the monthly balance of SLF,MLF and PSL as the quantitative indicators,and the SLF interest rate and MLF interest rate as the interest rate indicators to examine their impact on the benchmark interest rate.The benchmark interest rate is the reference line of the market interest rate.The paper selects the most representative Shibor interest rate,Chibor interest rate and R interest rate for research.It is concluded that lending convenience instruments,especially interest rate indicators,have a greater impact on the benchmark interest rate,especially the R interest rate.However,on the whole,the impact of the new monetary policy instruments on the benchmark interest rate is small,and their contribution is weak,and there is still much room for improvement.Finally,in view of the existing problems,from four aspects of optimizing innovative monetary policy tools,promoting the structural transformation of monetary policy,improving the operating environment of monetary policy and improving the relevant policy arrangements,the paper puts forward countermeasures and suggestions to improve the effectiveness of new monetary policy tools.