Abstract: This paper selects the monetary policy response functions during the period of interest rate corridor breakdown and the conventional period to identify the effectiveness and regulatory preferences of central bank monetary policy in different periods. The results show that in the conventional period, interest rate regulation will balance inflation and output; During the period when the upper limit of the corridor is breached, the central bank will implement inflation single target management, indicating that unilateral fluctuations on the inflation side are an important concern in interest rate corridor crisis management. Finally, during the period of interest rate breakdown, the central bank's interest rate regulation cannot completely suppress inflation fluctuations, which means that the central bank still needs to improve its emergency management mechanism during the period of corridor online breakdown. Among them, combining interest rate regulation with administrative intervention such as price control is a beneficial policy attempt.

Keywords: interest rate corridor;corridor ceiling breakdown;monetary policy effectiveness;central bank control preference