Using the state space model, we combine the natural interest rate and output gap with our country and establish the "mixed" Taylor rule with forward-looking and recuperative elements using the estimates of natural interest rate and output gap, and respond to our monetary policy Function is estimated. The results show that China's monetary policy behavior is not obvious forward-looking, but the lagging changes in inflation and output changes have made a stable response; without considering the impact of China's monetary policy smooth behavior, in recent years, China's monetary policy The target inflation rate is around 3%.

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