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Estimating the impact of monetary policy on inequality in China
(13.05.2015)
BOFIT Discussion Papers 17/2015
BOFIT Discussion Papers 17/2015
The paper estimates the impact of monetary policy on income inequality in China. The empirical modelling finds that a battery of monetary indicators, including a monetary overhang measure derived from a money demand ...
Macroeconomic consequences of the real-financial nexus: Imbalances and spillovers between China and the U.S.
(18.01.2015)
BOFIT Discussion Papers 2/2015
BOFIT Discussion Papers 2/2015
Relying on quarterly data since 1998 we estimate, for China and the U.S., small scale econometric models that economize on the number of variables employed and yet are rich enough to provide useful insights about spillover ...
A monetary policy rule for Russia, or is it rules?
(10.02.2016)
BOFIT Discussion Papers 2/2016
BOFIT Discussion Papers 2/2016
We estimate several monetary policy rules for Russia for the period 2003–2015. We find that the traditional Taylor rule describes the conduct of monetary policy in Russia reasonably well, whether coefficients are restricted ...
Optimal policy rules at home, crisis and quantitative easing abroad
(26.10.2016)
BOFIT Discussion Papers 15/2016
BOFIT Discussion Papers 15/2016
This paper examines the international transmission of financial shocks which originate in, and are partially offset by, quantitative easing in a large financially-stressed country. Using a two-country model, we evaluate ...
Contemporary monetary policy in China: A move towards price-based policy?
(12.03.2015)
BOFIT Discussion Papers 10/2015
BOFIT Discussion Papers 10/2015
This paper focuses on monetary policy in China. A set of different specifications for the monetary policy reaction function are empirically evaluated using monthly data for 1999––2012. Variation is allowed both in the ...
Does People’s Bank of China communication matter? Evidence from stock market reaction
(25.04.2019)
BOFIT Discussion Papers 9/2019
BOFIT Discussion Papers 9/2019
This paper tests whether the People's Bank of China's communication affects expectations of market participants and matters as a monetary policy instrument. For that purpose, we first rely on a computational linguistic ...
To guide or not to guide? Quantitative monetary policy tools and macroeconomic dynamics in China
(27.02.2017)
BOFIT Discussion Papers 3/2017
BOFIT Discussion Papers 3/2017
This paper discusses the macroeconomic effects of China’s informal banking regulatory tool “win-dow guidance,” introduced in 1998. Using an open-economy DSGE model that includes the com-mercial banking sector, we study the ...
Reserve requirements and the bank lending channel in China
(21.09.2015)
BOFIT Discussion Papers 26/2015
BOFIT Discussion Papers 26/2015
This paper examines how reserve requirements influence the transmission of monetary policy through the bank lending channel in China while also taking into account the role of bank ownership. The implementation of Chinese ...
From window guidance to interbank rates : Tracing the transition of monetary policy in Japan and China
(21.02.2018)
BOFIT Discussion Papers 4/2018
BOFIT Discussion Papers 4/2018
Monetary policy in most major economies has traditionally focused on control of
the interbank interest rate to achieve an inflation target. Monetary policy in transition economies, in contrast, relied on a mixed system ...
Is Chinese monetary policy forward-looking?
(22.02.2018)
BOFIT Discussion Papers 6/2018
BOFIT Discussion Papers 6/2018
This paper investigates the empirical validity of the claim that China employed a forward-looking monetary policy rule from 2001 to 2016. Survey expectations are used in conjunction with competing money supply and interest ...