Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212740 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 16/2012
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
Monetary policy in mainland China differs from conventional central banking in several respects. The central bank regulates retail lending and deposit rates, influences the credit supply via window guidance, and, in recent years has even used the required reserve ratio as a tool for fine-tuning monetary policy. This paper develops a New Keynesian DSGE model to captures China s unconventional monetary policy toolkit. We find that credit quotas are important as the interest-rate corridor distorts the efficient reactions of the economy. Moreover, for China s central bankers the choice of a particular monetary policy tool or a the appropriate combination of instruments depends on the source of the shock.
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-747-4
Dokumentart: 
Working Paper

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