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| Transmission Mechanism of Monetary Policy Based on Adaptive Expectations |
| MA Li, HE Mengze, LIU Yi
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| Economics and Management School, Wuhan University |
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Abstract We build a multi-variable autonomy system, in which the deposit rate is the proxy variable of monetary policy, and analyze the transmission path of reserve requirement monetary policy by solving the higher-order non-homogeneous linear constant-coefficient differential equation, proving that monetary policy can guide the market and macro-economic development by adjusting the adaptive expectations of the public. The result shows that appropriate adjustment approach can lower the cost while achieving monetary policy goals effectively, and create a more flexible operating space for future macroeconomic regulatory.
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Received: 28 January 2016
Published: 01 January 1900
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