An Empirical Study of Monetary Policy in China Based on Monthly Data

摘要：

This paper empirically studies Chinese sound monetary policy since 1998 using VAR method proposed by Sims and Zha, the sample period of this paper, from January 1998 to November 2007, The main finding is that monetary policy through the monetary supply (M1) control during the period had real effects on the economy. Error-band analysis based Monte Carlo method shows that the effect on output is especially robust. Possible transmission channels are examined, and support for the portfolio substitution channel and the expectation channel is found.

关键词： Vector Autoregression Error band Block ezogeneity Quantitative easing

作者: Zhuang Jiaqiang Huang Tingting

作者单位: School of Management, Huazhong University of Science and Technology, Wuhan, 430074, China School of Foreign Languages, Zhongnan University of Economics and Law, Wuhan, 430073, China

会议类型: 国际会议

会议名称: 第八届武汉电子商务国际会议(The Eighth Wuhan International Conference on E-Business)

会议地点: 武汉

会议语种:英文

页码: 1750-1755

在线出版日期: 2009-05-30（万方平台首次上网日期，不代表论文的发表时间）