本书在对相关文献进行梳理的基础上，以最优货币区、货币政策有效性等经济学理论为基础，以我国经济体制转轨时期和金融危机后经济结构失衡的总体特征为出发点，分别从区域、城乡、行业和不同性质企业四个方面，研究了当前我国货币政策的差异化效应问题。最后，从体制和制度的角度深入分析我国货币政策差异化效应产生的原因，并根据研究结论提出差异化货币政策操作的相关政策建议。

China’s current economic situation facing the hitherto unknown complex，a financial crisis after the foundation of the world within the scope of the economic recovery is not solid，on the other hand，China’s economy is in transition period，economic transition，and structural adjustment is a very difficult task.The economic development and social development is not balanced，industry，regional，urban and rural development is not balanced and the different ownership economy development unbalance phenomenon，will inevitably cause a different response to develop a unified implementation of monetary policy，or even result in the development of social economy，the increasing difference between economic structure expanding and other serious consequences.These problems have aroused the attention of the academic circles，the central bank and government departments.The economy caused by differences of monetary policy effects at different levels show whether or not equilibrium？The unreasonable phenomenon whether China’s monetary policy effect will increase the economic structure？How to flexibly use the difference of monetary policy in China’s economic structure has been optimized to adjust？To clarify these problems not only can make the operation of monetary policy to better adapt to the objective laws of economic development，improve the effectiveness of monetary policy，but also related to China’s economic structure can achieve the optimization and upgrading so as to eliminate the factors which restrict the further development.Therefore，in the transition period of the historical background，economic structure based on the comprehensive understanding of differences of monetary policy effects，no matter in theory to improve the monetary policy system of China is the reality and improve the validity and accuracy of the regulation of monetary policy in China，has important theoretical significance and practical value.Based on the survey of relevant literature，the optimal currency area，the effectiveness of monetary policy and other economic theory as the foundation，in the transition period of China’s economic system and the financial crisis after the general characteristics of the imbalance of economic structure as the starting point，focus on the effect of the difference of China’s monetary policy issues.First，from the perspective of constructing the behavior of market participants from China’s monetary policy effect analysis framework；secondly，in the theoretical analysis framework，the use of large amounts of data and vector in the operation of China’s economy autoregressive（VAR）model，impulse response analysis and panel data model（Panel Date），respectively，from the five aspects of regional，urban and rural areas，industry，different enterprises and employment structure differences on China’s monetary policy effect and the empirical testing of economic interpretation of the results；finally，to explore the deep-seated reasons of the differences in the effects of monetary policy in China from the system perspective，and puts forward relevant policy suggestions of monetary difference according to the conclusions of the policy operation.The innovation of this paper mainly includes the following several aspects：Firstly，Will be included in the construction of structural adjustment of monetary policy target in monetary policy analysis framework，to enrich and improve the economic development，price stability，full employment and balance of payments as the policy goal of monetary policy theory and research achievements.The unbalance of the economic structure is an important factor restricting the sustainable economic development，optimizing the economic structure adjustment is an important goal of the current macro economic development.The transmission mechanism of monetary policy to economic growth and price stability as the ultimate goal，this paradigm is inadequate；it is difficult to explain the actual effect of monetary policy on economic structure.In view of this，based on the structure optimization analysis，explores the differences in the different level of economic structure effect of monetary policy，monetary policy has opened up a new field of adjusting economic structure.Secondly，comparative analysis of the positive impact of monetary policy and the negative impact of the different effects，reveals the effect of Chinese monetary policy in the region，industry，urban and rural employment structure，and enterprises of different ownership heterogeneity between law.Analysis of past differences in the effects of monetary policy are divided into horizontal analysis and vertical analysis，the difference analysis effects of transverse expansion and tightening of monetary policy，the longitudinal analysis is analysis in different aspects such as regional，industry etc..The money supply equation，for the first time in different levels of economic structure are tested in different reaction expansion and tightening monetary policy，with improvements on the previous and distinct research methods，research the differences of monetary policy effects is more detailed，but also more practical suggestions.Thirdly，deep reasons from the arrangement of the economic system and the system point of view to explore the role of monetary policy in different aspects such as regional economic structure，industry，urban and rural areas，enterprises of different ownership and employment structure have different effect.Different from the classical theory，the heterogeneity of great internal economy of our country，and our country is in a special period of economic transition，different levels of economic structure and balanced development of the system arrangement of dislocation phenomenon between irrational is the effect of Chinese monetary policy is the fundamental reason of great difference.The only difference from the classical theory of economics is difficult to explain，from the economic system of our country and the institutional perspective to explore the reality phenomenon，has certain innovation.Fourthly，eplores differences to the current economic structural adjustment of monetary policy operation method.China’s current economic development environment and perplexing structure optimization and adjustment of the policy objectives have put forward new requirements for the effectiveness of monetary policy and flexibility.The central bank should not only in the operation of monetary policy to grasp the rhythm dynamic fine-tuning，more reasonable collocation in a variety of tools，with the difference of monetary policy to deal with the complicated and changeable economic environment.From the many aspects of the deposit reserve rate，rediscount and re loan，window guidance and moral suasion，different management methods and policies of different monetary policy are explored，compared with the previous research proposals more concrete and more operational.Key words：monetary policy economic structure difference effect differential operation

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