کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964442 930533 2008 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
What has driven Chinese monetary policy since 1990? Investigating the People's bank's policy rule
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
What has driven Chinese monetary policy since 1990? Investigating the People's bank's policy rule
چکیده انگلیسی

Post-1990 Chinese monetary policy is modeled with an augmented McCallum-type rule that takes into account the People's Bank of China's emphasis on targeting the rate of money supply growth. People's Bank policy appears responsive to the gap between target and actual nominal GDP as well as to external pressures. Additional cointegration analysis yields estimates of the gap between estimated money demand and actual money supply that appear to track the inflationary trends evident over our sample period. Chinese inflation and monetary policy outcomes seem reasonably captured using a standard monetary approach without the need to appeal to China-specific “structural” factors.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 27, Issue 5, September 2008, Pages 847–859
نویسندگان
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