Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212916 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 8/2019
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
The recent upgrade of the People's Bank of China's monetary policy framework establishes a corridor system of interest rates. As the revamped policy arrangement now features a multiple-instrument mix of liquidity tools and pricing signals, we employ a dynamic factor modelling approach to derive an indicator of China's monetary policy stance. The approach is based on the notion that comovements in several monetary policy instruments have a common element that can be captured by a single underlying, unobserved component. To clarify and interpret the derived index, we employ a baseline DSGE model that can be solved analytically and allows tracing of the expansionary and contractionary on-and-off phases of Chinese monetary policy.
Schlagwörter: 
China
monetary policy stance
dynamic factor model
DSGE model
JEL: 
C54
E52
E58
E61
E32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-271-6
Dokumentart: 
Working Paper

Datei(en):





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