期刊
CHINA ECONOMIC REVIEW
卷 23, 期 3, 页码 512-533出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.chieco.2011.04.002
关键词
Monetary policy stance; Monetary reaction function; Monetary policy; People's Bank of China
类别
The People's Bank of China (PBC) has employed a range of different instruments in the implementation of its monetary policy over the past decades. so perhaps no single instrument would constitute an adequate representation of the monetary policy stance. We thus develop a new policy stance index, and examine it in an ordered probit model, which follows the studies by Gerlach (2004) and He and Pauwels (2008). The empirical results show that in a backward-looking model, monetary policy reacts to actual output growth; one the other hand, when deviations from trend levels are considered, the PBC concerns inflation most seriously. In a forward-looking model, when we examine the PBC's statements in its quarterly Monetary Policy Executive Report from 2001Q1 to 2010Q3, it seems that the PBC's assessment of the prospects for inflation plays a key role determining the PBC's monetary policy stance. Our conclusions suggest that the PBC is informally targeting inflation, although no explicit target has ever been announced to the public by the PBC. (C) 2011 Elsevier Inc. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据