Empirical Analysis on the Validity of Chinese Monetary Policy under the Financial Crisis

摘要

As the international financial crisis swept across the globe in 2008, Chinese economy has been somewhat watered down, so we have implemented the proactive fiscal policy and appropriately easy monetary policy to deal with it. Now the entire world has few studies about the empirical analysis on the validity of Chinese monetary policy under the financial crisis. In this paper, we will choose some related variables, empirically analyze our monetary policy validity between 2007 and 2009 by constructing monetary policy validity model, and conclude that: our monetary policy under the financial crisis has made some progress and brought about a striking effect, but there still exits some time delay which needs further improvement. Therefore author puts forward that improving validity of monetary policy should moderately grasp the focus of easy monetary policy and take the delay of the implementation of monetary policy into account, but it also needs coordinate monetary policies and fiscal policies This paper will actively achieve the union of theoretical science and practical operability.