Abstract:In order to adapt to the new normal in economic development, the monetary au-thorities must progressively promote the transformation of monetary policy control tools in an orderly manner, and the core of the transition is from the traditional quantitative control tools to price control tools. Under the background of quantity price, it is of great practical significance to clarify the effect of them on the actual economy. In this paper, the nonlinear breakpoint regression model is used to study the effect of quantitative monetary policy and price-based monetary policy On real economic growth in different periods.There are three variations in the research samples from the first quarter of 2001 to the fourth quarter of 2016 and the effect of quantitative and price-based monetary policies on the real economy is time-varying, which also fully shows that the combined application of quantitative and price-based control tools will be the main theme of economic regulation in the future.

Key words: Quantity Price Transformation; Quantitative Monetary Policy; Price-based Monetary Policy; Time-varyingReal Output