This paper selects 126 macroeconomic indexes at home and abroad during 1998-2011 to build a SFAVAR model. Form the aspects of external shocks and internal mechanism, the effectiveness and independence of China＇ s monetary policy in different exchangerate regime before and after exchange rate reform is discussed based on the structure of international economic factor. The results show that： （ 1 ） The effectiveness of monetary police improved obviously after the reform of exchange rate regime; （2） Because of interest rate deregulation and t...
