货币政策的实体经济效应一直以来是宏观经济学研究领域和政策当局,尤其中央银行普遍关注的的核心问题。几百年来，不少学者对这一问题展开了研究，均没有得出一致结论。货币政策作为世界上各个国家宏观经济政策的重要组成部分，在各国宏观经济调控中发挥着重要作用，而货币政策对实体经济是否有影响也直接关系到货币政策的制定与执行。为了探究我国货币政策对实体经济的影响情况，本文参考 Nakamura and Steinsson(2018), 利用高频识别方法，选取 DR001、DR007、R-001、R-007、GC001、GC007 六种利率作为货币政策指标，观察他们在 2016 年至 2022 年间央行发布的货币政策公告，包括中央银行货币政策委员会季度例会、中国人民银行货币政策执行报告、LPR 贷款利率公告，法定存款准备金率调整公告发布前后 30 分钟窗口内的利率变化来构造货币政策冲击，研究货币政策冲击对产出、不同期限的名义利率、实际利率和预期通货膨胀率的影响情况。在此基础上，本文还分别研究了不同货币政策工具对经济的影响情况以及新冠肺炎疫情前后央行沟通对经济的影响情况。并且，为进一步检验中国“价格之谜”现象的存在，本文还建立了结构向量自回归模型研究 R007 和法定存款准备金率与通货膨胀之间的关系。本文的研究结论如下：（一）我国的货币政策是非中性的，并且，法定存款准备金率调整，LPR 贷款利率，央行沟通都对实体经济有影响；我国利率型货币政策工具对于实体经济的影响是有限的，主要影响中期的利率和预期通货膨胀率。央行沟通对中长期名义利率、实际利率和短期，中期，长期预期通货膨胀率有显著影响，且央行沟通对于预期通货膨胀率的影响基
本不受新冠肺炎疫情的影响。在新冠肺炎疫情后，央行沟通对于名义利率和实际利率的影响效果减弱。（二）中国存在“价格之谜”现象，法定存款准备金率和央行沟通都表现出了“价格之谜”现象。最后，本文基于以上研究结论，提出以下政策建议：第一，从本文的研究结果来看，利率型货币政策工具和央行沟通都能对实体经济产生影响，在后疫情时代，货币当局可以继续使用利率型货币政策工具和央行沟通等制定合适的货币政策通过影响实体经济达到调控目标。第二，央行沟通对短期，中期，长期的预期通货膨胀率的影响显著，并且在新冠肺炎疫情发生前后，央行沟通对预期通货膨胀率的影响均显著，因此在将保持币值稳定作为货币政策最终目标的情况下和在通货膨胀与名义货币增长之间愈加松散的背景下，中国人民银行可以通过央行沟通引导通货膨胀预期来达到稳定物价的目标。第三，法定存款准备金率和央行沟通这些货币政策工具的政策效果呈现出了“价格之谜”现象，货币当局在使用这些货币政策工具时应加强各类政策的协调配合，统筹好货币政策，财政政策，产业政策，社会其他政策等，提高宏观调控效率，并同时关注通货膨胀水平。

The real economy effect of monetary policy has always been the core issue of macroeconomic research and policy authorities, especially central banks. For hundreds of years, many scholars have carried out research on this problem, but no unanimous conclusion has been reached. As an important part of the macroeconomic policies of all countries in the world, monetary policy plays an important role in the macroeconomic regulation of all countries, and the impact of monetary policy on the real economy is directly related to the formulation and implementation of monetary policy in real life.In order to explore the impact of China's monetary policy on the real economy, this paper refers to Nakamura and Steinsson(2018),uses high-frequency identification method to obtain the monetary policy impact, by selecting DR001, DR007, R-001, R-007, GC001 and GC007 as monetary policy indicators and then observing the change of interest rate within the 30-minute window before and after the monetary policy
announcements issued by the central bank from 2016 to 2022 to construct the monetary policy impact. The monetary policy announcements selected in this paper include the quarterly regular
meeting of the monetary Policy Committee of the Central Bank, the monetary policy implementation report of the People's Bank of China, the LPR loan rate announcement and announcement on adjustment of statutory deposit reserve ratio. And then study the effect of monetary policy shocks on output, nominal interest rate, real interest rate and expected inflation rate. On this basis, this paper also studies the impact of different monetary policy tools on the economy and the impact of central bank communication on the economy before and after the COVID-19 epidemic. In addition, in order to further test the existence of "price mystery" phenomenon in China, this paper also establishes the structure vector autoregressive model to study the relationship between R007 and legal deposit reserve ratio and inflation.The conclusions
of this paper are as follows: (1) China’s monetary policy is non-neutral, and legal deposit reserve ratio adjustment, LPR lending rate, central bank communication all have an impact on the real
economy; The impact of interest rate monetary policy tools on the real economy is limited, mainly affecting the medium-term interest rate and expected inflation rate. Central bank communication has a significant impact on medium-term and long-term nominal interest rates, real interest rates and short-term, medium-term and long-term expected inflation rates, and the impact of central bank communication on expected inflation rates is not affected by the
COVID-19 epidemic. After the COVID-19 epidemic, the influence of central bank communication on nominal and real interest rates has weakened. (2) There is a "price mystery" in China, which is reflected in both the legal deposit reserve ratio and the central bank's communication.Finally, based on the above research conclusions, this paper puts forward the following policy suggestions: First, from the research results of this paper, both interest rate monetary policy tools and central bank communication have an impact on the real economy. In the post-epidemic era, monetary authorities can continue to use interest rate monetary policy tools and central bank communication to formulate appropriate monetary policies and achieve the regulatory goals by influencing the real economy. Second, central bank communication has a significant impact on short-term, medium-term and long-term expected inflation rates, and it has
a significant impact on expected inflation rates before and after the COVID-19 epidemic.Therefore, in the context of maintaining currency stability as the ultimate goal of monetary policy and the looser relationship between inflation and nominal money growth, The People's Bank of China can guide inflation expectations through central bank communication to achieve the goal of price stability. Third, the effect of the legal deposit reserve ratio and the
central bank's communication of these monetary policy tools shows a phenomenon of "price mystery". When using these monetary policy tools, the monetary authorities should strengthen
the coordination and cooperation of various policies, such as monetary policies, fiscal policies, industrial policies and other social policies to improve the efficiency of macro-control, and pay
attention to the inflation level at the same time.