The McCallum Rule for Chinese Monetary Policy

摘要：

With the development of market-oriented economic reforms, Chinese monetary policy plays an important role in the world. The objective of this paper is to review the recent conduct of Chinese monetary policy and the central banks rule-based behavior in period 1999-2009 by estimating the monetary policy rules (monetary policy reaction function). This paper focuses on the McCallum rule, conducts the empirical study with Chinese data. The findings are that rule can describe Chinese monetary policy stance in some degree. This study includes five sections. Section 1 is the introduction.Section 2 is the short description of Chinas monetary policy. Section 3 indicates specifications of McCallum rule. Section 4 evaluates Chinese monetary policy performance utilizing models mentioned in Section 3. Section 5 provides conclusion.

作者: Li Baoli

作者单位: School of Management,Anhui Science and Technology University,Anhui,P.R.China,233100

会议类型: 国际会议

会议名称: The 7th International Conference on Innovation and Management(第七届创新与管理国际会议 ICIM 2010)

会议地点: 武汉

会议语种:英文

页码: 881-884

在线出版日期: 2010-12-04（万方平台首次上网日期，不代表论文的发表时间）