Dynamic Inflation Target and Its Impact on Chinas Economy
This paper constructs a dynamic stochastic general equilibrium (DSGE) model to analyze the behavior of the unobserved inflation target implicitly included in Chinas monetary policy in a New Keynesian framework. The empirical evidence suggests that the model is suitable for research on monetary policy and monetary business cycle. The results also support the assumption that Chinas monetary policy has a dynamic endogenous inflation target which could stabilize inflation. Furthermore, the target responds positively to the productivity shock and negatively to the consumers demand shock.
dynamic inflation target money supply rule DSGE
JIAN Zhihong LI Shuang
School of Economics, Huazhong University of Science and Technology, P.R.China, 430074
国际会议
威海
英文
44-51
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）