Structural Monetary Policy,Digital Economy and High-quality Economic Development——From the Perspective of Economic Growth Momentum
Based on the perspective of economic growth momentum,this paper analyzes the relation-ship between the structural monetary policy and the high-quality development of the economy based on the construction of the economic growth momentum index and the digital economy development index using pan-el data at the provincial level in China and explores the role played by the digital economy in it.The study found four things:First,the structural monetary policy has significantly enhanced the momentum of eco-nomic growth.Second,the impact of structural monetary policy on economic growth momentum has re-gional heterogeneity,financial development degree heterogeneity,and government expenditure scale heter-ogeneity.Third,the development of the digital economy has a positive moderating effect on the relation-ship between the structural monetary policy and the momentum of economic growth.Fourth,the structural monetary policy will affect economic growth through mechanisms such as fixed asset investment of large and medium-sized private enterprises,wage growth of private enterprises,and growth of the real economy.The research findings of this paper provide new ideas for further improving the structural monetary policy toolbox at the policy level in the future and optimizing the structural process of monetary policy in combina-tion with the development of the digital economy.
Digital economyStructural monetary policyEconomic growth momentumModerating effectMediating effect
万方数据
