摘要：The channels of monetary policy transmission highly depend on industrial structure, and there are significant differences across industries. This paper studies the industrial effects of monetary policy in China using the Vector Autoregression (VAR) model. We explore the heterogeneity of the response three pillar industries and factor intensity industries to a monetary shock. In order to capture the transmission of monetary policy, decomposing monetary policy as anticipated and unanticipated is considered. Results show evidence of the industrial effects of aggregate monetary policy shock is almost not effective. And the effectiveness of monetary policy shocks is conducted in close association with expectations and factor intensity.
