The Empirical Analysis of the Effectiveness of the Exchange Rate Channel of Chinas Monetary Policy Transmission

摘要：

Exchange rate channel is one of the most important channels of monetary policy transmission.But the stipulation of the exchange rate system and the market system in different countries causes greatdifferences in the effect of the transmission. Based on China actual data for the 2000-2004 period, this article has concluded that under the exchange rate system of staring at US dollar solely ,the transmission from money supply to exchange rate is not very effective ,neither is the transmission from exchange rate to indnstry inorease in value.

关键词： monetary policy nominal exchange rate real exchange rate Vector Auto-regressive Model

作者: CHU Erming

作者单位: Business School of Xiang Tan University Northwestern Polytechnical University

会议类型: 国际会议

会议名称: The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)

会议地点: 杭州

会议语种:英文

页码: 81-90

在线出版日期: 2008-05-18（万方平台首次上网日期，不代表论文的发表时间）