Chinas Monetary Policy in the Context of Financial Crisis

摘要：

This paper focuses on Chinas monetary policy in the context of financial crisis. Empirical Mode Decomposition (EMD) method is used to extract the influencing factors of M2 and analyze their effects. We construct a VAR model to calculate the effects of monetary policy in the context of financial crisis since September 2008, and compare with that in the Asian financial crisis. The results show that the expansionary monetary policies eliminate the negative effects of prior period monetary policies and influences of the financial crisis. These policies avoid a further decline in Chinas economy in time. The dramatically enhanced positive effects of monetary policy in the short-run may negatively impact economy by possible inflation expectations. The proposed subsequent monetary policy should be fine-tuned for inflation.

关键词： Financial Crisis Monetary Policy EMD Analysis VAR

作者: Lei Meng Jue Guo Zengkai Zhang

作者单位: School of Management, Xian Jiaotong University Xian, 710049 China

会议类型: 国际会议

会议名称: The First International Conference on Networking and Distributed Computing(第一届网络与分布式计算国际会议 ICNDC 2010)

会议地点: 杭州

会议语种:英文

页码: 290-294

在线出版日期: 2010-10-21（万方平台首次上网日期，不代表论文的发表时间）