Abstract: The principal component analysis method is used to obtain evaluation indicators for high-quality economic development, and the SV-TVP-FAVAR model is used to measure the stage changes and policy effects of China's structural monetary policy, examining its supporting role and policy characteristics for high-quality economic development. Research has found that the development path of China's structural monetary policy has gone through five stages, with its function gradually transitioning from expanding the channels for basic currency supply to supporting high-quality economic development. The policy impact has medium to long-term characteristics, and interest rates and credit channels are the main mechanisms that affect the high-quality development level of the economy, with a certain degree of marketization characteristics. In the future, we should innovate and optimize structural monetary policies from four perspectives: normalizing development, integrating policy frameworks, improving policy efficiency, and strengthening coordination with active fiscal policies, in order to create a good economic and financial environment for supply side structural reform and high-quality economic development.

Keywords: Structural monetary policy; High quality economic development; Monetary policy transformation; SV-TVP-FAVAR model;