Abstract: Based on SVAR-H-SV model, this paper constructed the index of China’s monetary policy uncertainty, and examined its characteristics and macroeconomic effects. The paper showed that: 1) The quantitative monetary policy uncertainty in China was significantly higher than that of price-based monetary policy. The trends of the two indexes presented the characteristics of alternating fluctuation before financial deleveraging, and during the financial deleveraging, they presented synchronously rising trend. 2) Quantitative monetary policy uncertainty had obvious phased characteristics: it had a relatively strong impact on economic growth and inflation during the period of rapid economic growth, and this impact was weak in the new normal period. 3) The uncertainty of price-based monetary policy had the short-term promotion and long-term restraint on macroeconomic variables. Therefore, while improving the interest rate transmission mechanism and promoting the transformation of the “quantitative” monetary policy framework to the “price-based” framework，the central bank should ensure the flexibility of monetary policy regulation, improve the breadth and depth of communication with the market and increase the transparency and regularity of monetary policy．

Keywords: monetary policy uncertainty; quantitative monetary policy; price-based monetary policy; macroeconomic effects