Does the Targeted Regulation of the New Monetary Policy Tools Have Significant Targeting? Taking MLF Policy Tool as an Example

Abstract

Abstract: Smoothing the transmission mechanism of monetary policy and enhancing the accuracy of monetary policies have been the hotspot issues among the monetary authorities and academics. This article introduces the concept of bioengineering targeting into the assessment of the effect of implementing the monetary policies. Through analyzing the inner link between the effectiveness of the monetary policy transmission mechanism and its targeting, it selects the monthly data from January 2016 to May 2020 and adopts the TVP-SV-VAR model to conduct an empirical test on the targeting effect of the new monetary policy tools. The results of the impulse response impact show that both the output and the credit of enterprises have the targeting to the new monetary policy tools. However, under the quantitative monetary policy rules, the targeting of enterprise loans to MLF12 is stronger than that of the enterprise output to MLF12. Under the price monetary policy rules, the targeting of enterprise output to R12 is stronger than that of enterprise credit to R12. The result of further comparison shows that for the new monetary policy tools, to choose the quantitative monetary policy rules is better than to choose the price monetary policy rules.

Key words: new monetary policy tools, targeting, MLF, TVP-SV-VAR model

CLC Number:

F832.0

SHU Chang-jiang, LUO Ming. Does the Targeted Regulation of the New Monetary Policy Tools Have Significant Targeting? Taking MLF Policy Tool as an Example[J]. Journal of Jiangxi University of Finance and Economics, 2021, 0(5): 47-58.

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