Research On The Change And Effect Of China’s Structural Monetary Policy

After the 2008 financial crisis,governments around the world began to reflect on the defects of the traditional monetary policy implementation framework,and seek to enrich the practice of structural monetary policy.In recent years,through the exploration and use of structural monetary policy tools,China has improved the structural problems in the process of China’s economic transformation and industrial development.Article summarizes the successful experience of China’s structural monetary policy framework,system research of Chinese experience changes and use tools,and pointed out that in China’s current macroeconomic structural problems are highlighted,normalized epidemic,regional economic and social development under the background of very unequal,China should gradually improve the policy framework,in the future a long a time continually positively Role.Firstly,based on the above background conditions,this thesis summarizes the international research on structural monetary policy.Then this thesis summarizes and analyzes the theoretical issues about the nature of literature and the effectiveness of policy in China.Then,summarize and sum up the central bank of China since 2013 by using the structural characteristics and influence factors of monetary policy tools according to the China’s actual situation and the relevant macroeconomic theory,from the communication tools,the conduction mechanism,the intermediary target and the ultimate goal,set up China’s structural monetary policy theory system architecture.Finally,the autoregressive SVAR model of structural vector is adopted to divide all economic variables into four aspects according to the ultimate target type of structured money,namely,interest rate effect,economic growth effect,price effect and economic structure effect.The results show that the structural monetary policy tools can increase credit and form the upper limit of yield corridor in the market,thus driving the short-term market interest rate down.Moreover,structural monetary policies can still promote economic growth and promote the development of small and medium-sized enterprises to a certain extent.At the same time,structural monetary policy has a moderate impact on prices,but it will increase the volatility of the capital market.Overall,structural monetary policy has limited long-term effects and can only be used as a short-term response.In order to promote the more reasonable structural monetary policy,it is necessary to dredge all channels of the transmission of structural policy.Especially,the most critical link is the implementation of the monetary policy intention of the central bank by commercial banks.Structural monetary policy has some deficiencies in this link.Therefore,the thesis proposes that structural monetary policy should be used in conjunction with other corresponding policies and measures of the government,such as fiscal support policies and measures,so as to better achieve the set goals of the government.In addition,the government must innovate and improve the structural monetary policy system,properly adjust the leverage ratio of "surplus areas" and "weak areas" of the economy,reduce the degree of market distortion caused by policies,and reduce the probability of triggering risks,it said.