This study constructs a credit allocation model to theoretically examine the impact of monetary policy on financial resource misallocation.Using monetary policy data and listed company microdata from 2013 to 2021 to conduct an empirical test,the study finds that traditional monetary policy exacerbates financial resource misallocation,while structural monetary policy can compensate for the shortcomings of traditional monetary policy and mitigate financial resource misallocation.Structural monetary policy can improve the allocation efficiency of financial resources by guiding the flow of capital from inefficient firms to efficient firms,from the state sector to the non-state sector,and from large firms to small and medium enterprises(SMEs).Moreover,the mitigating effect of price-based structural monetary policy is stronger when the mismatch of financial resources is higher,while the opposite is true for quantity-based structural monetary policy.Therefore,central banks should use traditional monetary policy cautiously to avoid exacerbating financial resource misallocation,and improve the efficiency of financial resource allocation by using different structural monetary policies depending on the degree of financial resource misallocation.
NETL
NSTL
万方数据
