Abstract:The asymmetric effects of monetary policy shocks to industrial output and price has great influence in the direction,intensity and rhythm of macroeconomic policy,and could improve the pertinency,flexibility and forward-ooking of monetary supply policy.The local projection is used to calculate the re-sponse of industrial output and price to monetary supply shocks under different regime of industrial out-put,price and money supply.The empirical results show that the influence of monetary supply shock toindustrial output is uncertain,and has a neutral characteristic overall.The scenario analysis also confirmsthe above conclusion.There is an asymmetric impact of money supply on the industrial price,not only un-der different regime of the variables,but also before and after the new normal.The overall performance isthat the shock has an effect on short-term,which is however invalid in a long-term.The results of scenariodesigning and analysis show that the use of monetary policy to stimulate normal under the new normal isnot desirable,Its impact on the industrial output growth is uncertain and neutral,while it has a significantly positive influence on the industrial prices growth.The possible outcomes is industrial stagflation,which is the industrial output stagnated,while industrial prices soaring.Therefore,a new growth pointand mechanism need to be found from the supply side of industrial,such as industrial upgrading,industrialtechnology innovation and other actions.

Key words:monetary policy;asymmetry;local projection;impulse response