Based on the distinction of monetary effect and efficiency and taken the monthly data of 1999 . 12 - 2006 . 6 as sample , this paper studies the relations of integrated variables with the method of canonical correlation analysis , empirically tests the combined transmission efficiency of monetary policy based on multicomponent reaction models , and finally it indicates that , in the sample range , monetary operation tools married up better , the holistic transmission efficiency is relatively high , while there exists efficiency derogation in external transmission system , but also a big space of promotion 摘要在区分货币政策效果和效率的基础上,本文以1999年12月2006年6月的数据为样本,借助典型相关分析,对货币政策传导中同属性变量进行整组压缩,研究整组变量间的关系,并结合交互影响的多元反馈模型,对我国货币政策传导的综合效率进行了检验,得出结论:样本区间内,货币政策工具实现了良好的配合,整体传导效率高,外部传导存在着效率减损,但有很大提升空间。