关键词: 货币政策有效性, 利率规则, 数量规则, 混合规则, 货币调控转型

Abstract: Since 2018, in order to accelerate the countercyclical adjustment of the economy, the central bank has cut the required reserve ratio six times and implemented a series of targeted monetary instruments, such as MLF, TMLF, SLF and reverse repurchase, and a large amount of money has flooded into the interbank market. Has loose quantitative monetary policy really channeled money into the real economy? How effective is the targeted monetary policy? In order to answer the above questions, this paper constructs a BGG-DSGE model with financial friction and introduces two factors that influence the effectiveness of monetary policy, namely,the borrowing cost and the borrowing income. It is found that it is difficult to achieve effective economic goals by using a single quantitative monetary regulation. Based on this, this paper further constructs the mixed rule situation of monetary policy and estimates the three model parameters of interest rules, quantitative rules and mixed rules through calibration and bayesian method. Through simulation, it is found that the transformation from quantitative monetary policy to price monetary policy cannot be accomplished overnight, and the mixed rules are more suitable for China's current economic environment. Therefore, when the current quantitative monetary policy is less effective, it is advisable to increase the use of price monetary policy and accelerate the countercyclical adjustment of the economy through structural mixed rules in the choice of future monetary policy.

Key words: Effectiveness of Monetary Policy, Interest Rules, Quantitative Rules, Mixed Rules, Transformation of Monetary Regulation