Abstract: The self-expansion mechanism of virtual economy and its special way of creating GDP have determined the asymmetric effect of monetary policy impact on the real economy and the virtual economy. This paper employs the SVAR model and the impulse response function to conduct an empirical test on the impact of American monetary policy, the result can confirm the existence of the asymmetry effect. The monetary policy is the direct variable determining the rise and fall of US virtual economy. Therefore, in the long run, instead of adjusting the economy only through monetary policy, the United States must take this asymmetry effect into account and adjust its economy through the structural policies, so as to restore the real economy and achieve the re-industrialization.

Key words: monetary neutrality; dichotomy; virtual economy